Economy

Red Hat Inc (RHT) Earnings, Guidance Blow Away Expectations

Red Hat Inc (RHT) Earnings, Guidance Blow Away Expectations”

Gyroscope Capital Management Group LLC now owns 2,429 shares of the open-source software company's stock worth $233,000 after buying an additional 93 shares in the last quarter. Checking in on some other ratios, the company has a Price to Cash Flow ratio of 15.489423, and a current Price to Earnings ratio of 24.942704. That's a potential 3.76 gain from where (NYSE:RHT) has been trading recently.

Red Hat's share price was up almost 5 percent in late trading. Piper Jaffray Companies started coverage on shares of Red Hat in a report on Friday, June 23rd. A 9 analysts rate it as either a buy or a strong buy, while0 believe that investors should either steer clear of VG or, if they already own its stock, sell it. Mizuho lowered their target price on Red Hat from $109.00 to $96.00 and set a buy rating for the company in a research note on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. They presently have a $94.00 target price on the open-source software company's stock.

Shares of Red Hat Inc (NYSE:RHT) hit a new 52-week high after hours Monday, after the software maker reported excellent 2Q:FY18 results and served up a stronger than expected 3Q:FY18 sales outlook, combined with raised guidance for FY:18.

In terms of earnings per share, 29 analysts have a 0.70 EPS mean target for the quarter ending Nov-17, for the quarter ending Feb-17, 27 analysts have a 0.61 EPS mean target and for the quarter ending Feb-17 there are 28 estimates of 2.27 EPS. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. During the same quarter previous year, the business posted $0.55 EPS.

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The biggest institutional shareholders in Red Hat, Inc. include T. Rowe Price Associates, Inc. which owns 27 million shares in the company valued at $2.30 B million.

ILLEGAL ACTIVITY NOTICE: This piece was published by BBNS and is the sole property of of BBNS. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of United States & worldwide copyright legislation. The correct version of this piece can be accessed at https://baseballnewssource.com/markets/red-hat-inc-rht-upgraded-by-zacks-investment-research-to-buy/1667770.html. Also, EVP Delisa Alexander sold 2,444 shares of the stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $99.98, for a total value of $152,069.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

In other Red Hat news, CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $95.70, for a total value of $1,148,400.00. Following the sale, the chief executive officer now directly owns 422,873 shares of the company's stock, valued at approximately $40,468,946.10. The disclosure for this sale can be found here. After a recent check, it is observed that the insiders for the firm now own 0.50% shares. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Red Hat during the fourth quarter worth $405,000.

The company's subscription revenue, mainly consisting of its RHEL technologies, was up 20 percent at $637.6 million. Finally, FMR LLC increased its stake in shares of Red Hat by 3.3% in the first quarter. Finally, RB Capital Management LLC boosted its holdings in Red Hat by 2.6% during the second quarter. Nordea Investment Management AB now owns 6,919 shares of the open-source software company's stock worth $598,000 after purchasing an additional 70 shares in the last quarter.

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