BMO Capital analyst Keith Bachman reiterated a Buy rating on Red Hat (NYSE: RHT) today and set a price target of $89. The company’s shares closed yesterday at $77.04.
According to TipRanks.com, Bachman is a 5-star analyst with an average return of 12.4% and a 56.3% success rate. Bachman covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Electronics for Imaging, and Computer Sciences.
Currently, the analyst consensus on Red Hat is Strong Buy and the average price target is $89.71, representing a 16.4% upside.
In a report issued on September 9, JMP Securities also reiterated a Buy rating on the stock.
Based on Red Hat`s latest earnings report from May 31, the company posted quarterly revenue of $567.9M and quarterly net profit of $61.18M. In comparison, last year the company earned revenue of $504.1M and had a net profit of $51.4M.
Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock. Most recently, in July 2016, Michael Cunningham, a the EVP & GC of RHT sold 10,000 shares for a total of $750,000.
Red Hat, Inc. provides open source software solutions. Its software offerings are designed to provide customers with high-performing, scalable, flexible, reliable, secure and stable technologies that meet the information technology infrastructure needs of enterprises. These offerings include Red Hat Enterprise Linux, Red Hat JBoss Middleware, Red Hat Enterprise Virtualization and Red Hat Storage Server. It has three geographic operating segments: the Americas (U.S., Canada and Latin America), EMEA (Europe, Middle East and Africa) and Asia Pacific. Red Hat was founded by Robert F. Young in March 1993 and is headquartered in Raleigh, NC.