Red Hat Inc (RHT) Releases Earnings Results, Reports EPS of $0.50 EPS

Red Hat Inc (RHT) reported quarterly earnings results on Wednesday, Jun-22-2016. The company reported $0.50 EPS for the quarter. Analysts had a consensus estimate of $0.50. The company posted revenue of $567.90 million in the period, compared to analysts expectations of $562.61 million. The company’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

Many Wall Street Analysts have commented on Red Hat Inc. Red Hat Inc was Upgraded by Pacific Crest to ” Overweight” on Apr 14, 2016.

Red Hat Inc opened for trading at $79.56 and hit $81 on the upside on Tuesday, eventually ending the session at $80.39, with a gain of 1.91% or 1.51 points. The heightened volatility saw the trading volume jump to 20,08,450 shares. Company has a market cap of $14,586 M.

In a different news, on May 26, 2016, James M Whitehurst (CEO & President) sold 43,425 shares at $75.00 per share price. According to the SEC, on Apr 28, 2016, Delisa Alexander (EVP, Chief People Officer) sold 12,516 shares at $74.00 per share price. On Jan 12, 2016, William S Kaiser (director) sold 18,972 shares at $80.15 per share price, according to the Form-4 filing with the securities and exchange commission.

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 software’s 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.

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