The EVP, Products & Technologies of Red Hat (NYSE: RHT) is Selling Shares

By Carrie Williams

Today, the EVP, Products & Technologies of Red Hat (NYSE: RHT), Paul Cormier, sold shares of RHT for $1.62M.

In addition to Paul Cormier, 27 other RHT executives reported Sell trades in the last month. Over the last month, Paul Cormier has reported another 3 Sell trades on RHT for a total of $1.24M.

Based on Red Hat’s latest earnings report for the quarter ending February 28, the company posted quarterly revenue of $629 million and quarterly net profit of $65.8 million. In comparison, last year the company earned revenue of $544 million and had a net profit of $53.04 million. The company has a one year high of $88.05 and a one year low of $68.54. RHT’s market cap is $15.6B and the company has a P/E ratio of 63.35.

Based on 16 analyst ratings, the analyst consensus is Strong Buy with an average price target of $95.36, reflecting a -8.7% downside. Five different firms, including Citigroup and Drexel Hamilton, currently also have a Sell rating on the stock.

The insider sentiment on Red Hat has been negative according to 83 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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Red Hat, Inc. engages in the provision of open source software solutions. The firm operates its business through the following graphical segments: Americas (the United States, Canada, and Latin America); EMEA (Europe, Middle East, and Africa); and Asia Pacific. It offers Red Hat Enterprise Linux; Red Hat JBoss Middleware; Red Hat Enterprise Virtualization; and Red Hat Storage Server. The company was founded by Robert F. Young in March 1993 and is headquartered in Raleigh, NC.