Red Hat Inc (NYSE:RHT) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its holdings in Red Hat Inc (NYSE:RHT) by 29.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,848 shares of the open-source software company’s stock after selling 18,896 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Red Hat were worth $8,194,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Athena Capital Advisors LLC acquired a new stake in Red Hat during the fourth quarter worth about $27,000. Berman Capital Advisors LLC acquired a new stake in Red Hat during the fourth quarter worth about $27,000. Liberty Wealth Management LLC acquired a new stake in Red Hat during the fourth quarter worth about $30,000. Lindbrook Capital LLC acquired a new stake in shares of Red Hat during the fourth quarter valued at about $47,000. Finally, Cornerstone Advisors Inc. increased its position in shares of Red Hat by 26.4% during the first quarter. Cornerstone Advisors Inc. now owns 297 shares of the open-source software company’s stock valued at $54,000 after acquiring an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 85.75% of the company’s stock.

Shares of NYSE:RHT traded down $0.41 on Friday, reaching $187.76. 3,528,732 shares of the company were exchanged, compared to its average volume of 1,604,162. The company has a current ratio of 1.23, a quick ratio of 1.27 and a debt-to-equity ratio of 0.11. Red Hat Inc has a 1-year low of $115.31 and a 1-year high of $189.14. The company has a market capitalization of $33.27 billion, a price-to-earnings ratio of 67.30, a price-to-earnings-growth ratio of 3.96 and a beta of 0.49. The stock’s 50-day simple moving average is $185.81.

Red Hat (NYSE:RHT) last released its quarterly earnings data on Thursday, June 20th. The open-source software company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.86 by $0.14. Red Hat had a net margin of 13.26% and a return on equity of 36.67%. The business had revenue of $934.10 million for the quarter, compared to analyst estimates of $931.58 million. During the same period in the previous year, the firm earned $0.72 EPS. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, analysts expect that Red Hat Inc will post 3.14 earnings per share for the current year.

A number of brokerages have weighed in on RHT. ValuEngine cut shares of Red Hat from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 1st. William Blair lowered shares of Red Hat from an “outperform” rating to a “market perform” rating and set a $188.30 price objective for the company. in a research note on Friday, June 21st. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Red Hat has a consensus rating of “Hold” and an average price target of $179.37.

Red Hat Profile

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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