Cornerstone Wealth Management LLC lowered its holdings in Red Hat Inc (NYSE:RHT) by 11.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 633,933 shares of the open-source software company’s stock after selling 79,431 shares during the quarter. Cornerstone Wealth Management LLC owned 0.36% of Red Hat worth $5,415,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in RHT. Mount Yale Investment Advisors LLC purchased a new stake in Red Hat in the 1st quarter valued at about $103,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Red Hat by 16,350.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 987 shares of the open-source software company’s stock worth $133,000 after purchasing an additional 981 shares during the period. Quad Cities Investment Group LLC purchased a new stake in shares of Red Hat during the 2nd quarter worth about $134,000. Financial Architects Inc grew its holdings in shares of Red Hat by 95.2% during the 2nd quarter. Financial Architects Inc now owns 1,025 shares of the open-source software company’s stock worth $137,000 after purchasing an additional 500 shares during the period. Finally, McAdam LLC grew its holdings in shares of Red Hat by 2,168.1% during the 2nd quarter. McAdam LLC now owns 1,565 shares of the open-source software company’s stock worth $210,000 after purchasing an additional 1,496 shares during the period. 95.77% of the stock is owned by institutional investors.
In other news, EVP Delisa Alexander sold 960 shares of the stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $125.03, for a total value of $120,028.80. Following the completion of the transaction, the executive vice president now owns 33,217 shares of the company’s stock, valued at $4,153,121.51. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James M. Whitehurst sold 2,513 shares of the stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $125.03, for a total value of $314,200.39. Following the completion of the transaction, the chief executive officer now directly owns 361,627 shares of the company’s stock, valued at approximately $45,214,223.81. The disclosure for this sale can be found here. In the last three months, insiders sold 3,631 shares of company stock valued at $453,984. Company insiders own 0.58% of the company’s stock.
A number of analysts have recently issued reports on the company. Stifel Nicolaus cut Red Hat from a “buy” rating to a “hold” rating and set a $190.00 target price for the company. in a report on Monday, October 29th. Robert W. Baird reissued a “hold” rating on shares of Red Hat in a research report on Monday, October 29th. Citigroup lowered Red Hat from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $163.00 to $190.00 in a research report on Tuesday, October 30th. Royal Bank of Canada boosted their price target on Red Hat to $190.00 in a research report on Monday, October 29th. Finally, Needham & Company LLC lowered Red Hat from a “buy” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $163.48.
Shares of RHT opened at $173.63 on Thursday. The firm has a market cap of $30.31 billion, a P/E ratio of 75.49, a P/E/G ratio of 4.47 and a beta of 0.71. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.40. Red Hat Inc has a 12 month low of $115.31 and a 12 month high of $177.70.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Wednesday, September 19th. The open-source software company reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.03. The firm had revenue of $822.75 million during the quarter, compared to the consensus estimate of $828.12 million. Red Hat had a return on equity of 31.80% and a net margin of 9.15%. The firm’s revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 EPS. On average, equities analysts forecast that Red Hat Inc will post 2.57 earnings per share for the current fiscal year.
About Red Hat
Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.
Recommended Story: What is a Reverse Stock Split?