Red Hat Inc (RHT) is Reiterated by BMO Capital Markets to Outperform, Raises Price Target to $ 89

Red Hat Inc (RHT) was Reiterated by BMO Capital Markets to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 89 from a previous price target of $85 . BMO Capital Markets advised their investors in a research report released on Sep 22, 2016.

Many Wall Street Analysts have commented on Red Hat Inc. Red Hat Inc was Downgraded by Morgan Stanley to ” Equal-Weight” on Jul 7, 2016.

On the company’s financial health, Red Hat Inc reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Sep 21, 2016. Analyst had a consensus of $0.54. The company had revenue of $599.80 million for the quarter, compared to analysts expectations of $589.97 million. The company’s revenue was up 19.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS.

Red Hat Inc closed down -0.16 points or -0.21% at $75.78 with 14,30,984 shares getting traded on Tuesday. Post opening the session at $76.45, the shares hit an intraday low of $75.66 and an intraday high of $76.82 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Jul 27, 2016, Michael Cunningham (EVP, General Counsel) sold 10,000 shares at $75.00 per share price. According to the SEC, on Jul 20, 2016, Delisa Alexander (EVP, Chief People Officer) sold 2,395 shares at $72.83 per share price. On May 26, 2016, James M Whitehurst (CEO & President) sold 43,425 shares at $75.00 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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