Stock Analysis:Red Hat Inc (NYSE:RHT) Stock Target Upgraded
In a very recent research note revealed to investors and clients by Jefferies & Co on Friday, 18 December, Red Hat Inc (NYSE:RHT) had its target price lifted to $75.00. The firm presently has a solid “Hold” rating on shares.
From a total of 29 analysts covering Red Hat (NYSE:RHT) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $92 while the lowest target price is $72. The mean of all analyst targets is $84.79 with a 6.13% above today’s ($81.5) stock price. Red Hat was the topic of 11 analyst reports since August 25, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on December 8 with “Outperform” rating. JP Morgan maintained shares with “Overweight” rating and $89 target share price in a report from a September 22. Cowen & Co downgraded RHT stock in a recent report from October 22 to “Market Perform” rating. BTIG Research initiated the rating on September 10. BTIG Research has a “Buy” rating and a $85 price target on shares. Finally, Credit Suisse maintained the stock with “Buy” rating in a report issued on a September 22.
Approximately 6.48 million shares of stock traded hands or 334.90% up from the average. Red Hat Inc (NYSE:RHT) has risen 1.40% since May 15, 2015 and is uptrending. It has outperformed by 5.21% the S&P500.
The overall sentiment of institutions has increased to 1.17 in Q2 2015. Its up 0.03, from 1.14 in 2015Q2. The ratio increased, as 43 institutions have sold all the shares of Red Hat Inc that they owned while 148 funds have taken shares off the table. 66 funds have purchased shares for the first time while 158 added to their positions. These institutions now hold 152.76 million shares or 9.93% less than the 169.60 million shares they owned in 2015Q2.
The Fund Gagnon Advisors Llc currently is holding shares equating to 9.15% of its total portfolio in Red Hat Inc representing a total of 156,477 shares. Another fund,Gagnon Securities Llc, is holding a total of 197,411 shares equating to 6.94% of their holdings. Additionally, Contour Asset Management Llc has a 1.06 million share stake in Red Hat Inc which represents 4.38% of their total portfolio. The Fund, Df Dent & Co Inc, based out of Maryland, has also built up a stake in the stock, which represents a total of 3.95% of their total portfolio. Finally Tremblant Capital Group, a fund which is based in the state of New York reported a total holdings of 759,826 shares.
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 has a market cap of $14.32 billion. The Firm employs an open source development model. It has 78.04 P/E ratio. 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.
According to Zacks Investment Research, “Red Hat Inc. is a leading developer and provider of open source software and services, including the Red Hat Linux operating system. Unlike proprietary software, open source software has publicly available source code and can be copied, modified and distributed with minimal restrictions. The web site, REDHAT.COM, is a leading online source of information and news about open source software and one of the largest online communities of open source software users and developers.”