$887.13 Million in Sales Expected for Red Hat Inc (RHT) This Quarter

Wall Street analysts forecast that Red Hat Inc (NYSE:RHT) will post sales of $887.13 million for the current fiscal quarter, according to Zacks. Eleven analysts have issued estimates for Red Hat’s earnings. The highest sales estimate is $902.45 million and the lowest is $876.90 million. Red Hat posted sales of $772.33 million in the same quarter last year, which suggests a positive year over year growth rate of 14.9%. The company is scheduled to issue its next quarterly earnings results after the market closes on Monday, March 25th.

On average, analysts expect that Red Hat will report full-year sales of $3.38 billion for the current year, with estimates ranging from $3.36 billion to $3.39 billion. For the next year, analysts expect that the company will post sales of $3.86 billion, with estimates ranging from $3.78 billion to $3.92 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Red Hat.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Monday, December 17th. The open-source software company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.87 by $0.09. The business had revenue of $847.00 million for the quarter, compared to analyst estimates of $852.79 million. Red Hat had a net margin of 8.66% and a return on equity of 33.96%. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.73 earnings per share.

Several analysts have commented on RHT shares. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “buy” rating and set a $194.00 price objective on the stock in a research report on Monday, December 31st. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $190.00 price objective (up previously from $186.00) on shares of Red Hat in a research report on Monday, December 10th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Red Hat presently has an average rating of “Hold” and an average target price of $166.54.

In other news, EVP Michael Cunningham sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $178.79, for a total value of $4,469,750.00. Following the sale, the executive vice president now owns 25,071 shares of the company’s stock, valued at $4,482,444.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.58% of the company’s stock.

Large investors have recently modified their holdings of the stock. MUFG Securities EMEA plc grew its stake in Red Hat by 2,769.6% in the 4th quarter. MUFG Securities EMEA plc now owns 138,000 shares of the open-source software company’s stock worth $24,238,000 after buying an additional 133,191 shares in the last quarter. Sowell Financial Services LLC grew its stake in Red Hat by 8.4% in the 4th quarter. Sowell Financial Services LLC now owns 1,867 shares of the open-source software company’s stock worth $328,000 after buying an additional 144 shares in the last quarter. Norges Bank purchased a new position in Red Hat in the 4th quarter worth approximately $297,683,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Red Hat in the 4th quarter worth approximately $614,000. Finally, Quad Capital Management Advisors LLC purchased a new position in Red Hat in the 4th quarter worth approximately $21,853,000. 88.56% of the stock is owned by institutional investors.

RHT stock traded up $0.06 during mid-day trading on Monday, hitting $181.84. The company had a trading volume of 675,608 shares, compared to its average volume of 1,663,527. The firm has a market cap of $32.13 billion, a price-to-earnings ratio of 79.06, a P/E/G ratio of 4.02 and a beta of 0.55. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.26 and a current ratio of 1.26. Red Hat has a 12 month low of $115.31 and a 12 month high of $183.54.

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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Earnings History and Estimates for Red Hat (NYSE:RHT)

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