Texas Permanent School Fund lowered its stake in Red Hat, Inc. (NYSE:RHT) by 4.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,951 shares of the open-source software company’s stock after selling 2,142 shares during the period. Texas Permanent School Fund’s holdings in Red Hat were worth $4,783,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of RHT. Nicolet Bankshares Inc. raised its position in Red Hat by 9.9% in the second quarter. Nicolet Bankshares Inc. now owns 4,359 shares of the open-source software company’s stock valued at $417,000 after buying an additional 394 shares during the period. Kornitzer Capital Management Inc. KS raised its stake in shares of Red Hat by 0.6% in the second quarter. Kornitzer Capital Management Inc. KS now owns 257,849 shares of the open-source software company’s stock worth $24,689,000 after buying an additional 1,525 shares during the last quarter. Hillview Capital Advisors LLC purchased a new stake in shares of Red Hat during the second quarter worth approximately $345,000. IBM Retirement Fund raised its stake in shares of Red Hat by 114.6% in the second quarter. IBM Retirement Fund now owns 4,332 shares of the open-source software company’s stock worth $464,000 after buying an additional 2,313 shares during the last quarter. Finally, NGAM Advisors L.P. raised its stake in shares of Red Hat by 8.0% in the second quarter. NGAM Advisors L.P. now owns 47,453 shares of the open-source software company’s stock worth $4,544,000 after buying an additional 3,505 shares during the last quarter. 93.23% of the stock is owned by hedge funds and other institutional investors.
Shares of Red Hat, Inc. (NYSE RHT) opened at 100.43 on Friday. The company’s 50 day moving average is $98.41 and its 200 day moving average is $89.27. The company has a market cap of $17.82 billion, a P/E ratio of 68.79 and a beta of 1.26. Red Hat, Inc. has a 12 month low of $68.54 and a 12 month high of $101.82.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The business had revenue of $677 million during the quarter, compared to analysts’ expectations of $647.42 million. During the same period last year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, equities research analysts predict that Red Hat, Inc. will post $2.68 EPS for the current fiscal year.
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A number of equities analysts have recently weighed in on RHT shares. Zacks Investment Research upgraded Red Hat from a “hold” rating to a “strong-buy” rating and set a $101.00 target price on the stock in a research note on Tuesday, May 2nd. Drexel Hamilton reiterated a “buy” rating and issued a $127.00 price objective (up previously from $110.00) on shares of Red Hat in a research note on Wednesday, June 21st. Piper Jaffray Companies began coverage on Red Hat in a research note on Friday, June 23rd. They issued a “neutral” rating and a $100.00 price objective on the stock. Deutsche Bank AG upped their price objective on Red Hat from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, June 21st. Finally, Bank of America Corporation restated a “neutral” rating and set a $105.00 target price (up previously from $92.00) on shares of Red Hat in a research report on Wednesday, June 21st. Nine research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $98.72.
In related news, EVP Delisa Alexander sold 2,444 shares of Red Hat stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $98.25, for a total value of $240,123.00. Following the completion of the transaction, the executive vice president now owns 41,570 shares in the company, valued at $4,084,252.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paul J. Cormier sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $91.16, for a total transaction of $2,734,800.00. Following the sale, the executive vice president now owns 219,578 shares of the company’s stock, valued at approximately $20,016,730.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,549 shares of company stock valued at $12,133,438. Company insiders own 0.66% of the company’s stock.
Red Hat Company Profile
Red Hat, Inc (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific.
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