Research Analysts Issue Forecasts for Red Hat Inc’s Q2 2020 Earnings (NYSE:RHT)

Red Hat Inc (NYSE:RHT) – Jefferies Financial Group cut their Q2 2020 earnings per share (EPS) estimates for Red Hat in a report issued on Monday, March 25th, Zacks Investment Research reports. Jefferies Financial Group analyst J. Difucci now expects that the open-source software company will post earnings of $0.71 per share for the quarter, down from their previous estimate of $0.72.

Red Hat (NYSE:RHT) last posted its earnings results on Monday, March 25th. The open-source software company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. The firm had revenue of $879.00 million for the quarter, compared to analysts’ expectations of $885.64 million. Red Hat had a return on equity of 35.35% and a net margin of 12.91%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.91 EPS.

Several other equities research analysts have also weighed in on the company. 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 note on Monday, December 31st. ValuEngine lowered Red Hat from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 1st. Thirteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $168.41.

NYSE RHT traded down $0.62 on Thursday, reaching $181.94. 1,737,138 shares of the stock traded hands, compared to its average volume of 1,232,988. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.26 and a current ratio of 1.27. The firm has a market cap of $32.16 billion, a P/E ratio of 65.21, a PEG ratio of 3.99 and a beta of 0.54. Red Hat has a 12 month low of $115.31 and a 12 month high of $183.58.

In other Red Hat 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 transaction, the executive vice president now directly owns 25,071 shares in the company, valued at $4,482,444.09. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.58% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of RHT. Alpha Omega Wealth Management LLC bought a new position in Red Hat during the fourth quarter valued at about $25,000. Athena Capital Advisors LLC bought a new position in shares of Red Hat in the fourth quarter worth about $27,000. Berman Capital Advisors LLC bought a new position in shares of Red Hat in the fourth quarter worth about $27,000. Liberty Wealth Management LLC bought a new position in shares of Red Hat in the fourth quarter worth about $30,000. Finally, Legacy Financial Advisors Inc. bought a new position in shares of Red Hat in the fourth quarter worth about $33,000. Institutional investors own 89.25% of the company’s stock.

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.

Featured Article: How to Trade Using Analysts Ratings

Get a free copy of the Zacks research report on Red Hat (RHT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Red Hat (NYSE:RHT)

Receive News & Ratings for Red Hat Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat and related companies with MarketBeat.com's FREE daily email newsletter.