Wall Street brokerages expect that Red Hat Inc (NYSE:RHT) will announce sales of $925.98 million for the current quarter, according to Zacks. Five analysts have provided estimates for Red Hat’s earnings. The highest sales estimate is $933.00 million and the lowest is $920.10 million. Red Hat reported sales of $813.53 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 13.8%. The company is scheduled to issue its next quarterly earnings results after the market closes on Thursday, June 20th.
According to Zacks, analysts expect that Red Hat will report full-year sales of $3.85 billion for the current fiscal year, with estimates ranging from $3.78 billion to $3.92 billion. For the next year, analysts expect that the company will report sales of $4.42 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Red Hat.
Red Hat (NYSE:RHT) last posted its earnings results on Monday, March 25th. The open-source software company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.15. Red Hat had a return on equity of 35.35% and a net margin of 12.91%. The business had revenue of $879.00 million during the quarter, compared to the consensus estimate of $885.64 million. During the same period in the previous year, the business earned $0.91 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis.
Separately, ValuEngine downgraded Red Hat from a “strong-buy” rating to a “buy” rating in a report on Monday, April 1st. Thirteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $168.33.
Shares of Red Hat stock traded down $0.34 on Monday, hitting $185.20. The stock had a trading volume of 1,066,822 shares, compared to its average volume of 1,453,401. Red Hat has a 52-week low of $115.31 and a 52-week high of $186.36. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.27 and a current ratio of 1.27. The company has a market capitalization of $32.98 billion, a P/E ratio of 66.38, a PEG ratio of 4.07 and a beta of 0.49.
Institutional investors and hedge funds have recently bought and sold shares of the business. Argentiere Capital AG purchased a new stake in Red Hat during the 4th quarter valued at approximately $3,513,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in Red Hat during the 4th quarter valued at approximately $1,756,000. Vanguard Group Inc raised its stake in Red Hat by 0.6% during the 3rd quarter. Vanguard Group Inc now owns 18,703,926 shares of the open-source software company’s stock valued at $2,548,970,000 after acquiring an additional 103,057 shares during the last quarter. TT International raised its stake in Red Hat by 58.2% during the 1st quarter. TT International now owns 69,600 shares of the open-source software company’s stock valued at $12,715,000 after acquiring an additional 25,600 shares during the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in Red Hat during the 4th quarter valued at approximately $14,929,000. 85.94% of the stock is owned by hedge funds and other institutional investors.
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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