Revenue Update on Red Hat Inc(NYSE:RHT)

Red Hat Inc(NYSE:RHT) announced the earnings results for Fiscal Year 2017 and Q1. The results came in during After-hours on Jun 22, 2016. Company reported revenue of $567.90M. Analysts estimated a revenue of $562.76M. Earnings per share were $0.50. Analysts had estimated an EPS of $0.50.

Red Hat Inc (RHT) shares turned negative on Mondays trading session with the shares closing down -3.48 points or -4.73% at a volume of 30,81,763. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $72.93. The peak price level was also seen at $72.93 while the days lowest was $70.09. Finally the shares closed at $70.14. The 52-week high of the shares is $84.44 while the 52-week low is $59.59. According to the latest information available, the market cap of the company is $12,726 M.

Several Insider Transactions has been reported to the SEC. On May 26, 2016, James M Whitehurst (CEO & President) sold 43,425 shares at $75.00 per share price.Also, On Apr 28, 2016, Delisa Alexander (EVP, Chief People Officer) sold 12,516 shares at $74.00 per share price.On Jan 12, 2016, William S Kaiser (director) sold 18,972 shares at $80.15 per share price, according to the Form-4 filing with the securities and exchange commission.

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 software’s 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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