Analyst Rating Update on Red Hat (RHT)

Red Hat (NYSE:RHT) : The consensus on Red Hat (NYSE:RHT) based on 16 analyst recommendation on the company stock is 1.31, which is interpreted as a Strong Buy recommendation. Zacks Investment Research has issued a rank of 3 which endorses a Hold on the stock. However, 13 brokers have a differing view as they consider the stock to be a Strong Buy at current levels. 1 analyst believes that the stock is a Buy, which can produce decent returns in the future. 2 experts consider that the stocks earnings and the quoted price is in harmony, hence, they give it a Hold rating.

Red Hat (NYSE:RHT) : 15 investment research analysts covering Red Hat (NYSE:RHT) have an average price target of $88.53 for the near short term. The highest target price given by the Brokerage Firm to the stock is $105 and the lowest target is $75 for the short term. Analysts expect the variance to be within $7.27 of the average price.

For the current week, the company shares have a recommendation consensus of Buy. Also, Brokerage firm Pacific Crest upgrades its rating on Red Hat (NYSE:RHT). The shares have been rated Overweight. Previously, the analysts had a Sector Weight rating on the shares. The rating by the firm was issued on April 14, 2016.

Red Hat (NYSE:RHT): stock turned positive on Tuesday. Though the stock opened at $71.34, the bulls momentum made the stock top out at $72.1375 level for the day. The stock recorded a low of $70.82 and closed the trading day at $71.48, in the green by 1.91%. The total traded volume for the day was 2,118,678. The stock had closed at $70.14 in the previous days trading.

In an insider trading activity, Whitehurst James M, director officer (CEO & President) of Red Hat Inc, unloaded 43,425 shares at an average price of $75 on May 24, 2016. The total amount of the transaction was worth $3,256,875, according to the disclosed information 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.

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