Analysts and Technical Insights on Red Hat Inc (NYSE:RHT)

Red Hat Inc (NYSE:RHT) (Trend Analysis) shares were traded with no significant volume change. The stock closed last trading session at $72.6, down by -0.45%, with a volume of 1,850,996 shares against an average amount for the last three months of 1,359,780.

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Red Hat Inc (NYSE:RHT) stock is currently trading 14.02% below its 52-week-high, 21.83% above its 52-week-low. The 1-year stock price history is in the range of $59.59 – $84.44. Red Hat Inc (RHT) has a price to earnings ratio of 63.68 versus Technology sector average of 24.21. RHT stock price has underperformed the S&P 500 by 16.2%. The Applications Software company is currently valued at $13.15 billion, and its share price closed the last trading session at $72.6. The stock has a 50-day moving average of $75.85 and a 200-day moving average of $73.57.

Red Hat Inc (RHT) current short interest stands at 5.19 million shares. It has decreased by 1% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 2.86 million shares, the number of days required to cover the short positions stand at 1.9 days.

RHT is forecasted to report earnings per share of $0.35 and a revenue of $593.65 million for the 2nd Quarter of the fiscal year 2016. Red Hat Inc (RHT) declared last quarter earnings on June 22. The Applications Software company announced last quarter earnings per share of $0.52 against a consensus Street estimate of $0.50, beating the average estimate by $0.02. The company posted a revenue of $567.9 million compared to an estimation of $562.8 million.

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There are currently thirty-one analysts that cover Red Hat Inc stock. Of those thirty-one, twenty-four have a Buy rating, six have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $87.83.

A recent analyst activity consisted of Pacific Crest upgrading their Sector Weight rating to Overweight on April 14. On the date of report, the stock closed at $74.45.

Bank of America reiterated their Neutral stance on March 23, and decreased their price target from $80 to $78. This corresponds to a 7.44% upside from the last closing price. On the date of report, the stock closed at $72.54.

Another research firm was Citigroup who reiterated their Buy stance on March 23. Citigroup increased their price target on Red Hat Inc from $79 to $90. This translates to a 23.97% upside from the last closing price. On the date of report, the stock closed at $72.54.

Company snapshot

Red Hat, Inc. develops and provides open source software and services, including the Red Hat Linux operating system. The Company’s Web site offers information and news about open source software and provides an online community of open source software users and developers.

Analysts and Technical Insights on Red Hat Inc (NYSE:RHT) was last modified: July 1st, 2016 by Steven Finley