The company provided earnings per share guidance of $2.23-2.25 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.21.
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The company said it expects revenue in the range of $613 million to $623 million for the fiscal third quarter. According to the latest information available, the market cap of the company is $13,723 M. The firm has a 50 day moving average price of $73.96 and a 200 day moving average price of $74.09.
Subscription revenue for the period was also up, growing 20% year-on-year to US$531 million.
“Red Hat’s second quarter revenue results were highlighted by 18% in year-over-year growth for our Infrastructure offerings combined with 33% in year-over-year growth for our Application development and other emerging technologies”, said CEO Jim Whitehurst. Analysts now estimate earnings of $0.57 per share and revenues of $614.9 million.
The company, based in downtown Raleigh, reported landing 55 contracts over $1 million in its fiscal second quarter that ended August 31, up 60 percent over a year ago.
Adjusted net income totaled $101.2 million, or 55 cents per share, versus $87.8 million a year ago. Red Hat’s quarterly revenue was up 19.0% compared to the same quarter a year ago.
For the current quarter ending in December, Red Hat expects its per-share earnings to be 58 cents. That beat analysts’ projections by a penny per share. On average, equities analysts forecast that Red Hat Inc. will post $2.21 EPS for the current year. Barclays PLC reaffirmed a buy rating and issued a $90.00 price target on shares of Red Hat in a research note on Thursday, September 15th. Finally, BTIG Research reissued a buy rating and issued a $92.00 price target on shares of Red Hat in a report on Thursday, June 23rd.
08/11/2016 – Red Hat, Inc. had its “buy” rating reiterated by analysts at Deutsche Bank. Red Hat Inc was Downgraded by Morgan Stanley to ” Equal-Weight” on Jul 7, 2016. They noted that the move was a valuation call.
06/23/2016 – Red Hat, Inc. had its “buy” rating reiterated by analysts at BTIG Research.
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Red Hat, Inc. (NYSE:RHT) Application Software has a Price Earning Ratio of 66.18, which in return shows a value of 29.18 on the Forward PE Ratio. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Following the sale, the executive vice president now directly owns 60,780 shares of the company’s stock, valued at $4,426,607.40.
