Analysts expect Red Hat Inc (NYSE:RHT) to report $925.98 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Red Hat’s earnings, with the highest sales estimate coming in at $933.00 million and the lowest estimate coming in at $920.10 million. Red Hat reported sales of $813.53 million during the same quarter last year, which indicates a positive year-over-year growth rate of 13.8%. The business is expected to announce its next quarterly earnings results on Thursday, June 20th.
According to Zacks, analysts expect that Red Hat will report full year sales of $3.86 billion for the current year, with estimates ranging from $3.78 billion to $3.92 billion. For the next financial year, analysts expect that the business will report sales of $4.42 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Red Hat.
Red Hat (NYSE:RHT) last released its earnings results on Monday, March 25th. The open-source software company reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.15. The business had revenue of $879.00 million during the quarter, compared to analyst estimates of $885.64 million. Red Hat had a net margin of 12.91% and a return on equity of 35.35%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Red Hat from a “hold” rating to a “buy” rating and set a $194.00 price target for the company in a research report on Monday, December 31st. ValuEngine downgraded Red Hat from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 1st. Finally, Monness Crespi & Hardt reissued a “buy” rating and set a $190.00 price objective (up previously from $186.00) on shares of Red Hat in a research note on Monday, December 10th. Thirteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $168.41.
In related news, EVP Michael Cunningham sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $178.79, for a total transaction of $4,469,750.00. Following the completion of the transaction, the executive vice president now directly owns 25,071 shares in the company, valued at approximately $4,482,444.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.58% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the business. Intl Fcstone Inc. lifted its stake in Red Hat by 21.9% in the first quarter. Intl Fcstone Inc. now owns 1,671 shares of the open-source software company’s stock worth $305,000 after acquiring an additional 300 shares during the last quarter. Selective Wealth Management Inc. acquired a new position in Red Hat during the 1st quarter worth approximately $3,252,000. First Hawaiian Bank increased its position in shares of Red Hat by 24.3% in the 1st quarter. First Hawaiian Bank now owns 818 shares of the open-source software company’s stock valued at $150,000 after purchasing an additional 160 shares during the last quarter. Liberty Wealth Management LLC purchased a new stake in shares of Red Hat in the 4th quarter valued at approximately $30,000. Finally, Machina Capital S.A.S. acquired a new stake in shares of Red Hat in the 4th quarter valued at $820,000. Institutional investors and hedge funds own 89.30% of the company’s stock.
RHT stock traded up $0.61 during mid-day trading on Wednesday, reaching $183.25. The company’s stock had a trading volume of 1,246,645 shares, compared to its average volume of 1,196,520. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 0.14. Red Hat has a fifty-two week low of $115.31 and a fifty-two week high of $183.58. The company has a market cap of $32.28 billion, a price-to-earnings ratio of 65.68, a PEG ratio of 4.01 and a beta of 0.54.
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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