Red Hat (NYSE:RHT) : 15 investment research analysts covering Red Hat (NYSE:RHT) have an average price target of $89.4 for the near short term. The highest target price given by the Brokerage Firm to the stock is $105 and the lowest target is $75 for the short term. Analysts expect the variance to be within $7.49 of the average price.
Other Equity analysts have also commented on the company shares. In the latest statement by the brokerage house, Pacific Crest upgrades its outlook on Red Hat (NYSE:RHT). The current rating of the shares is Overweight, according to the research report released by the firm. Previously, the company had a rating of Sector Weight. The rating by the firm was issued on April 14, 2016.
Red Hat (NYSE:RHT): On Thursdays trading session , Opening price of the stock was $75.35 with an intraday high of $78.55. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $74.76. However, the stock managed to close at $78.39, a loss of 1.71% for the day. On the previous day, the stock had closed at $79.75. The total traded volume of the day was 6,054,988 shares.
The company shares have rallied 0.80% from its 1 Year high price. On Dec 30, 2015, the shares registered one year high at $84.44 and the one year low was seen on Feb 8, 2016. The 50-Day Moving Average price is $75.63 and the 200 Day Moving Average price is recorded at $73.81. On the companys insider trading activities, Whitehurst James M, director officer (CEO & President) of Red Hat Inc, unloaded 43,425 shares at an average price of $75 on May 24, 2016. The total amount of the transaction was worth $3,256,875, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.
Red Hat, Inc. is a provider of open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, middleware, storage and cloud technologies. The Company employs an open source development model. The open source development model allows it to use the collective input, resources and knowledge of a global community of contributors who can collaborate to develop, maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification. The Company distributes its software offerings under open source licenses that permit access to the softwares human-readable source code. The Company provides its software offerings primarily under annual or multi-year subscriptions as well as on-demand through cloud service providers.