Red Hat (RHT) Posts Earnings Results, Beats Expectations By $0.09 EPS

Red Hat (NYSE:RHT) released its quarterly earnings results on Monday. The open-source software company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09, RTT News reports. Red Hat had a net margin of 9.15% and a return on equity of 31.80%. The company had revenue of $847.00 million during the quarter, compared to the consensus estimate of $852.79 million. During the same period in the previous year, the business earned $0.73 earnings per share. The firm’s quarterly revenue was up 13.2% on a year-over-year basis.

RHT traded down $0.50 during trading on Monday, hitting $176.00. 2,593,484 shares of the stock traded hands, compared to its average volume of 2,204,479. Red Hat has a twelve month low of $115.31 and a twelve month high of $179.49. The company has a market cap of $31.06 billion, a P/E ratio of 76.52, a P/E/G ratio of 4.58 and a beta of 0.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.23 and a quick ratio of 1.23.

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus downgraded shares of Red Hat from a “buy” rating to a “hold” rating and set a $190.00 price target for the company. in a research report on Monday, October 29th. Robert W. Baird reiterated a “hold” rating on shares of Red Hat in a research report on Monday, October 29th. Citigroup downgraded shares of Red Hat from a “buy” rating to a “neutral” rating and lifted their price target for the company from $163.00 to $190.00 in a research report on Tuesday, October 30th. Royal Bank of Canada lifted their price target on shares of Red Hat to $190.00 in a research report on Monday, October 29th. Finally, Needham & Company LLC downgraded shares of Red Hat from a “buy” rating to a “hold” rating in a research report on Monday, November 5th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Red Hat has a consensus rating of “Hold” and a consensus price target of $163.62.

In other Red Hat news, CEO James M. Whitehurst sold 2,513 shares of the business’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $125.03, for a total transaction of $314,200.39. Following the completion of the transaction, the chief executive officer now directly owns 361,627 shares in the company, valued at $45,214,223.81. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Delisa Alexander sold 960 shares of the business’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $125.03, for a total transaction of $120,028.80. Following the transaction, the executive vice president now owns 33,217 shares of the company’s stock, valued at $4,153,121.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,631 shares of company stock valued at $453,984. Company insiders own 0.58% of the company’s stock.

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About Red Hat

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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Earnings History for Red Hat (NYSE:RHT)

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