NuWave Investment Management LLC Boosts Holdings in Red Hat Inc (NYSE:RHT)

NuWave Investment Management LLC grew its holdings in Red Hat Inc (NYSE:RHT) by 7,893.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,276 shares of the open-source software company’s stock after buying an additional 5,210 shares during the quarter. Red Hat accounts for approximately 1.6% of NuWave Investment Management LLC’s holdings, making the stock its 7th biggest holding. NuWave Investment Management LLC’s holdings in Red Hat were worth $926,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RHT. Morgan Stanley increased its holdings in shares of Red Hat by 7.4% in the 2nd quarter. Morgan Stanley now owns 447,401 shares of the open-source software company’s stock valued at $60,118,000 after acquiring an additional 30,789 shares during the period. Millennium Management LLC increased its holdings in shares of Red Hat by 86.8% in the 2nd quarter. Millennium Management LLC now owns 231,668 shares of the open-source software company’s stock valued at $31,129,000 after acquiring an additional 107,678 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Red Hat by 6.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 54,721 shares of the open-source software company’s stock valued at $7,353,000 after acquiring an additional 3,264 shares during the period. Royal London Asset Management Ltd. purchased a new position in shares of Red Hat in the 2nd quarter valued at $9,990,000. Finally, Clarus Wealth Advisors purchased a new position in shares of Red Hat in the 3rd quarter valued at $218,000. Institutional investors and hedge funds own 95.90% of the company’s stock.

In other Red Hat news, EVP Michael Cunningham sold 25,000 shares of Red Hat 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 sale, the executive vice president now owns 25,071 shares of the company’s stock, valued at approximately $4,482,444.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.

Shares of RHT opened at $179.98 on Thursday. Red Hat Inc has a one year low of $115.31 and a one year high of $180.57. 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 stock has a market cap of $31.70 billion, a price-to-earnings ratio of 78.25, a PEG ratio of 4.61 and a beta of 0.55.

Red Hat (NYSE:RHT) last issued its quarterly earnings results on Monday, December 17th. The open-source software company reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.09. Red Hat had a return on equity of 33.96% and a net margin of 8.66%. The company had revenue of $847.00 million during the quarter, compared to analysts’ expectations of $852.79 million. During the same quarter in the previous year, the firm posted $0.73 EPS. The firm’s revenue was up 13.2% compared to the same quarter last year. As a group, equities research analysts expect that Red Hat Inc will post 2.59 earnings per share for the current year.

RHT has been the topic of a number of analyst reports. Royal Bank of Canada lifted their price target on Red Hat to $190.00 in a report on Monday, October 29th. Needham & Company LLC initiated coverage on Red Hat in a report on Monday, October 22nd. They issued a “buy” rating and a $183.00 price target on the stock. Monness Crespi & Hardt reissued 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. Zacks Investment Research raised Red Hat from a “hold” rating to a “buy” rating and set a $194.00 price objective for the company in a research report on Monday, December 31st. Finally, Jefferies Financial Group raised their price objective on Red Hat from $140.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Red Hat has a consensus rating of “Hold” and a consensus target price of $166.30.

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Red Hat 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.

See Also: Price to Earnings Ratio (PE) Basics

Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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