Red Hat Inc (RHT) was Downgraded by Morgan Stanley to ” Equal-Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Jul 7, 2016.
Many Wall Street Analysts have commented on Red Hat Inc. Shares were Reiterated by BMO Capital Markets on Jun 23, 2016 to “Outperform” and Lowered the Price Target to $ 85 from a previous price target of $88 .Red Hat Inc was Upgraded by Pacific Crest to ” Overweight” on Apr 14, 2016.
On the company’s financial health, Red Hat Inc reported $0.50 EPS for the quarter, based on the information available during the earnings call on Jun 22, 2016. Analyst had a consensus estimate of $0.50. The company had revenue of $567.90 million for the quarter, 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.
Red Hat Inc closed down -0.7 points or -0.97% at $71.29 with 15,77,676 shares getting traded on Tuesday. Post opening the session at $71.57, the shares hit an intraday low of $71.06 and an intraday high of $71.87 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
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.