Zacks Investment Management Has $1.20 Million Position in Red Hat Inc (RHT)

Zacks Investment Management decreased its position in Red Hat Inc (NYSE:RHT) by 22.2% during the second quarter, HoldingsChannel reports. The firm owned 8,958 shares of the open-source software company’s stock after selling 2,558 shares during the quarter. Zacks Investment Management’s holdings in Red Hat were worth $1,204,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its holdings in shares of Red Hat by 63.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 88,042 shares of the open-source software company’s stock valued at $13,163,000 after purchasing an additional 34,336 shares during the last quarter. D.A. Davidson & CO. bought a new position in Red Hat in the 1st quarter worth approximately $253,000. Chicago Equity Partners LLC grew its holdings in Red Hat by 29.7% in the 1st quarter. Chicago Equity Partners LLC now owns 6,005 shares of the open-source software company’s stock worth $898,000 after buying an additional 1,375 shares in the last quarter. Pendal Group Ltd grew its holdings in Red Hat by 66.4% in the 1st quarter. Pendal Group Ltd now owns 3,175 shares of the open-source software company’s stock worth $475,000 after buying an additional 1,267 shares in the last quarter. Finally, Aperio Group LLC grew its holdings in Red Hat by 4.3% in the 1st quarter. Aperio Group LLC now owns 79,636 shares of the open-source software company’s stock worth $11,906,000 after buying an additional 3,300 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

In other Red Hat news, insider Michael A. Kelly sold 636 shares of the company’s stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $145.00, for a total value of $92,220.00. Following the completion of the sale, the insider now directly owns 5,965 shares in the company, valued at $864,925. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James M. Whitehurst sold 44,472 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total value of $6,339,928.32. Following the completion of the sale, the chief executive officer now owns 445,557 shares of the company’s stock, valued at $63,518,605.92. The disclosure for this sale can be found here. Insiders sold 56,926 shares of company stock valued at $8,145,758 over the last 90 days. 0.58% of the stock is currently owned by insiders.

A number of equities analysts recently issued reports on the company. Raymond James lowered Red Hat from an “outperform” rating to a “market perform” rating and set a $84.00 price objective for the company. in a report on Tuesday, June 19th. BMO Capital Markets increased their price objective on Red Hat from $180.00 to $192.00 and gave the stock a “market perform” rating in a report on Tuesday, June 19th. Barclays reissued an “overweight” rating and issued a $186.00 price objective on shares of Red Hat in a report on Thursday, June 14th. Zacks Investment Research lowered Red Hat from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 30th. Finally, Monness Crespi & Hardt decreased their price objective on Red Hat from $200.00 to $186.00 and set a “buy” rating for the company in a report on Friday, June 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have assigned a buy rating to the stock. Red Hat presently has an average rating of “Buy” and an average target price of $158.03.

RHT opened at $148.86 on Friday. The company has a market capitalization of $26.94 billion, a price-to-earnings ratio of 63.82, a PEG ratio of 3.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.28 and a quick ratio of 1.28. Red Hat Inc has a 1-year low of $104.51 and a 1-year high of $177.70.

Red Hat (NYSE:RHT) last released its earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.03. The firm had revenue of $813.53 million during the quarter, compared to the consensus estimate of $807.48 million. Red Hat had a return on equity of 30.40% and a net margin of 9.77%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 earnings per share. analysts predict that Red Hat Inc will post 2.56 EPS for the current fiscal year.

Red Hat announced that its Board of Directors has approved a share repurchase plan on Thursday, June 21st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the open-source software company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Red Hat Company Profile

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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