Red Hat Inc (RHT) is Initiated by Rosenblatt to Buy, Price Target at $95

Red Hat Inc (RHT) was Initiated by Rosenblatt to “Buy” and the brokerage firm has set the Price Target at $95. Rosenblatt advised their investors in a research report released on Nov 28, 2016.

Many Wall Street Analysts have commented on Red Hat Inc. Company shares were Reiterated by BMO Capital Markets on Sep 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 89 from a previous price target of $85 .

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 opened for trading at $79.01 and hit $79.01 on the upside on Friday, eventually ending the session at $78.81, with a gain of 0.08% or 0.06 points. The heightened volatility saw the trading volume jump to 2,56,446 shares. Company has a market cap of $14,154 M.

In a different news, on Oct 19, 2016, Delisa Alexander (EVP, Chief People Officer) sold 1,121 shares at $77.00 per share price. According to the SEC, on Oct 4, 2016, Michael Cunningham (EVP, General Counsel) sold 15,000 shares at $80.42 per share price. On Oct 4, 2016, William S Kaiser (director) sold 12,500 shares at $80.35 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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