Zacks Investment Research downgraded Red Hat from a “buy” rating to a “hold” rating in a report on Tuesday, November 24th. Last quarter, Red Hat, Inc.
Other institutional investors have also recently bought and sold shares of the company. The Hedge Fund company now holds 100,000 shares of RHT which is valued at $7,409,000.
During the same quarter a year ago, Red Hat posted adjusted earnings of 43 cents per diluted share on revenue of $464 million.
The stock increased 1.88% or $1.37 on March 18, hitting $74.11. The stock was sold at an average price of $80.15, for a total transaction of $1,520,605.80. ProShare Advisors LLC’s holdings in Red Hat were worth $3,930,000 as of its most recent SEC filing. New Mexico Educational Retirement Board reduced its stake in RHT by selling 600 shares or 2.92% during the fourth quarter. The Hedge Fund company now holds 19,948 shares of RHT which is valued at $1,477,947.
Wall Street is expecting the Raleigh, NC-based software solutions company to report earnings of 47 cents per share on revenue of $537.2 million. Analyst had a consensus of $0.46. For the quarter ending Aug-16, 25 analysts have a mean sales target of 578.13 million whilst for the year ending Feb-16, 32 analysts have a mean target of 2,053.81 million. The company’s revenue was up 14.8% compared to the same quarter previous year. But it looks like Red Hat is rebounding firmly from the Software Sag of ’16 that battered many of Red Hat’s rivals and tech players in January through early February. RBC Capital increased their target price on shares of Red Hat from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, December 18th. With the constructive P/E value of Red Hat, Inc., the investors are able to forecast the positive earnings growth of the company.
The price-to-book ratio of 10.08 for Red Hat, Inc.
Trading above its 50-day moving average, Red Hat stock is still below its 200-day line near 75. The company has a market cap of $13,284 million and the number of outstanding shares have been calculated to be 182,625,150 shares. The companyÂ’s products include Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in physical, virtual, container, and cloud environments; Red Hat Enterprise Virtualization, which includes standalone virtualization functionality and management tools for server and desktop deployments; and Red Hat JBoss Middleware that offers middleware for developing, deploying, and managing applications, as well as integrating applications, data and devices, and automating business processes. The open source development model allows it to use the collective input resources and knowledge of a global community of contributors who can collaborate to develop maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification. Zurcher Kantonalbank Zurich Cantonalbank now owns 57,521 shares of the open-source software company’s stock valued at $4,763,000 after buying an additional 5,874 shares during the last quarter. The Company provides its software offerings primarily under annual or multi-year subscriptions as well as on-demand through cloud service providers.