.jpg "Evercore ISI Remains a Buy on Red Hat")
In a report issued on June 21, Kirk Materne from Evercore ISI reiterated a Buy rating on Red Hat (NYSE: RHT), with a price target of $180. The company’s shares closed yesterday at $142.14.
According to TipRanks.com, Materne is a 5-star analyst with an average return of 28.3% and a 79.2% success rate. Materne covers the Technology sector, focusing on stocks such as Oracle Corp, Workday Inc, and Microsoft.
Currently, the analyst consensus on Red Hat is Moderate Buy and the average price target is $168.52, representing a 18.6% upside.
In a report issued on June 18, Monness also maintained a Buy rating on the stock with a $200 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 $73.19 million.
Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock.
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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.
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