Analyst Price Target Update on Red Hat (NYSE:RHT)

Red Hat (NYSE:RHT): The mean estimate for the short term price target for Red Hat (NYSE:RHT) stands at $88.47 according to 17 Analysts. The higher price target estimate for the stock has been calculated at $105 while the lower price target estimate is at $75.

Many analysts have stated their opinion on the company shares. In a research note released to the investors, Pacific Crest upgrades its rating on Red Hat (NYSE:RHT).The analysts at the brokerage house have a current rating of Overweight on the shares. Earlier, the shares were rated a Sector Weight by the brokerage firm. The rating by the firm was issued on April 14, 2016. For the current week, the company shares have a recommendation consensus of Buy.

On the companys insider trading activities, The director officer (CEO & President), of Red Hat Inc, Whitehurst James M had unloaded 43,425 shares at $75 per share in a transaction on May 24, 2016. The total value of transaction was $3,256,875. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.

Red Hat (NYSE:RHT) stock ended Monday session in the red zone in a volatile trading. The stock closed down 0.02 points or 0.03% at $76.9 with 1,163,194 shares getting traded. Post opening the session at $76.54, the shares hit an intraday low of $76.33 and an intraday high of $77.73 and the price was in this range throughout the day. The company has a market cap of $13,952 million and the number of outstanding shares have been calculated to be 181,436,070 shares. The 52-week high of Red Hat (NYSE:RHT) is $84.44 and the 52-week low is $59.59.

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.

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