Insider Selling: Red Hat Inc (RHT) EVP Sells 25,000 Shares of Stock

Red Hat Inc (NYSE:RHT) 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 owns 25,071 shares of the company’s stock, valued at $4,482,444.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

RHT stock opened at $179.34 on Wednesday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.23. The company has a market cap of $31.67 billion, a P/E ratio of 77.97, a P/E/G ratio of 4.61 and a beta of 0.55. Red Hat Inc has a 52 week low of $115.31 and a 52 week high of $179.82.

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Red Hat (NYSE:RHT) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $852.79 million. Red Hat had a net margin of 8.66% and a return on equity of 33.96%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period last year, the company posted $0.73 earnings per share. As a group, analysts anticipate that Red Hat Inc will post 2.59 earnings per share for the current year.

Several research analysts have commented on RHT shares. Royal Bank of Canada raised their target price on shares of Red Hat to $190.00 in a report on Monday, October 29th. Needham & Company LLC started coverage on shares of Red Hat in a report on Monday, October 22nd. They issued a “buy” rating and a $183.00 target price for the company. Monness Crespi & Hardt reiterated a “buy” rating and issued a $190.00 target price (up from $186.00) on shares of Red Hat in a report on Monday, December 10th. Zacks Investment Research upgraded shares of Red Hat from a “hold” rating to a “buy” rating and set a $194.00 target price for the company in a report on Monday, December 31st. Finally, Jefferies Financial Group raised their target price on shares of Red Hat from $140.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $166.30.

Several hedge funds have recently bought and sold shares of RHT. Alpha Omega Wealth Management LLC acquired a new stake in shares of Red Hat during the fourth quarter worth approximately $25,000. Athena Capital Advisors LLC acquired a new stake in shares of Red Hat during the fourth quarter worth approximately $27,000. Legacy Financial Advisors Inc. acquired a new stake in shares of Red Hat during the fourth quarter worth approximately $33,000. Lindbrook Capital LLC acquired a new stake in shares of Red Hat during the fourth quarter worth approximately $47,000. Finally, Reilly Financial Advisors LLC boosted its holdings in shares of Red Hat by 40.8% during the fourth quarter. Reilly Financial Advisors LLC now owns 276 shares of the open-source software company’s stock worth $48,000 after purchasing an additional 80 shares during the period. Institutional investors and hedge funds own 95.90% 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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