Red Hat (RHT) : 16 analysts are covering Red Hat (RHT) and their average rating on the stock is 1.31, which is read as a Strong Buy. 13 equity analysts believe that the stock has a bright future and the price doesnt capture all of its upside, hence they rate the stock as a Strong Buy. Red Hat (RHT) also receives 1 more Buy recommendations from analysts who believe that the stock will do well going forward. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. A total of 2 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.
Red Hat (RHT) : The highest level Red Hat (RHT) is projected to reach is $105 for the short term and the lowest estimate is at $75. The consolidated price target from 15 rating analysts who initiate coverage on the stock is $88.53 and the possibility the share price can swing is $7.27.
For the current week, the company shares have a recommendation consensus of Buy. Red Hat (NYSE:RHT): During Thursdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $74.42 and $74.16 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $74.97. The buying momentum continued till the end and the stock did not give up its gains. It closed at $74.42, notching a gain of 0.09% for the day. The total traded volume was 1,880,199 . The stock had closed at $74.35 on the previous day.
In a related news,The officer (EVP, General Counsel) of Red Hat Inc, Cunningham Michael sold 10,000 shares at $75 on July 26, 2016. The Insider selling transaction had a total value worth of $750,000. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
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 softwares 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.