Investment analysts at JP Morgan Cazenove lowered their price target on shares of Red Hat (NYSE:RHT) from $43.00 to $39.00 in a note issued to investors on Monday, Stock Ratings Network reports. The firm currently has an “underweight” rating on the stock. JP Morgan Cazenove’s price target suggests a potential downside of 20.34% from the stock’s previous close.
Red Hat (NYSE: RHT) traded down 0.85% on Monday, hitting $48.96. Red Hat has a 1-year low of $44.92 and a 1-year high of $60.00. The stock’s 50-day moving average is currently $47.43. The company has a market cap of $9.268 billion and a price-to-earnings ratio of 62.51.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Wednesday, June 19th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The company had revenue of $363.25 million for the quarter, compared to the consensus estimate of $359.84 million. During the same quarter last year, the company posted $0.30 earnings per share. Red Hat’s revenue was up 15.4% compared to the same quarter last year. Red Hat has set its FY14 guidance at $1.31-1.35 EPS and its Q2 guidance at $0.32-0.33 EPS. Analysts expect that Red Hat will post $1.35 EPS for the current fiscal year.
A number of other firms have also recently commented on RHT. Analysts at TheStreet reiterated a “buy” rating on shares of Red Hat in a research note to investors on Friday. Finally, analysts at Needham & Company reiterated a “buy” rating on shares of Red Hat in a research note to investors on Monday, July 8th. They now have a $60.00 price target on the stock.
Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $56.05.
Red Hat, Inc (NYSE: RHT) is engaged in providing open source software solutions to the enterprise, including its Red Hat Enterprise Linux and JBoss Enterprise Middleware.