Red Hat (RHT) Shares are Up 2.15%

Red Hat (RHT) : Traders are bullish on Red Hat (RHT) as it has outperformed the S&P 500 by a wide margin of 10.19% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.98%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 2.15% in the last 1 week, and is up 9.6% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.

The stock has recorded a 20-day Moving Average of 6.98% and the 50-Day Moving Average is 8.18%.The 200 Day SMA reached 9.56%

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Red Hat (NYSE:RHT): After opening at $80.22, the stock dipped to an intraday low of $80.03 on Friday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $81.18 and the buying power remained strong till the end. The stock closed at $80.83 for the day, a gain of 0.84% for the day session. The total traded volume was 1,678,171. The stocks close on the previous trading day was $80.83.

Red Hat (RHT) stock is expected to deviate a maximum of $5.8 from the average target price of $90.81 for the short term period. 16 Street Experts have initiated coverage on the stock with the most promising target being $105 and the most muted being $79.

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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