Red Hat Inc (RHT) Releases Earnings Results, Beats Expectations By $0.01 EPS

Red Hat Inc (RHT) announced its most recent quarterly financial results on Wednesday, Sep-21-2016. RHT said it had a profit of $0.55 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.54. The company posted revenue of $599.80 million in the period, compared to analysts expectations of $589.97 million. RHT’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.

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.

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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