Red Hat (RHT) Received its Third Buy in a Row

After Barclays and RBC Capital gave Red Hat (NYSE: RHT) a Buy rating last month, the company received another Buy, this time from Stifel Nicolaus. Analyst Brad Reback maintained a Buy rating on Red Hat today and set a price target of $160. The company’s shares closed yesterday at $143.16.

According to TipRanks.com, Reback is a 5-star analyst with an average return of 16.7% and a 68.0% success rate. Reback covers the Technology sector, focusing on stocks such as Ultimate Software, Citrix Systems, and Carbonite Inc.

Red Hat has an analyst consensus of Moderate Buy, with a price target consensus of $165.24, implying a 15.4% 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.

.

See today’s analyst top recommended stocks >>

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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.