Red Hat (RHT) Gets a Buy Rating from RBC Capital

By Jason Carr

RBC Capital analyst Matthew Hedberg reiterated a Buy rating on Red Hat (NYSE: RHT) on September 14 and set a price target of $169. The company’s shares closed yesterday at $142.71.

According to TipRanks.com, Hedberg is a top 25 analyst with an average return of 34.6% and a 83.7% success rate. Hedberg covers the Technology sector, focusing on stocks such as Altair Engineering Inc, SecureWorks Corp, and Varonis Systems.

Red Hat has an analyst consensus of Moderate Buy, with a price target consensus of $168.73, implying a 18.2% upside from current levels. In a report issued on September 7, Barclays also maintained a Buy rating on the stock with a $166 price target.

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Based on Red Hat’s latest earnings release for the quarter ending May 31, the company reported a quarterly net profit of $113 million. In comparison, last year the company had a net profit of $96.86 million.

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Red Hat, Inc. engages in the provision of open source software solutions. The firm operates its business through the following segments: Americas, EMEA, Asia Pacific, and Corporate. The company was founded by Robert F. Young in March 1993 and is headquartered in Raleigh, NC.