Piper Jaffray (PJC) Analysts Raise Price Target on Red Hat (RHT) to $59.00
Thursday, June 23, 2021 6:10 AM

Equities research analysts at Piper Jaffray (NYSE: PJC) boosted their price target on shares of Red Hat (NYSE: RHT) to $59.00 in a research note to investors on Thursday.

Separately, analysts at Zacks Investment Research reiterated a "neutral" rating on shares of Red Hat in a research note to investors on Thursday, April 7th. Also, analysts at Bank of America Merrill Lynch raised their price target on shares of Red Hat to $57.00 in a research note to investors on Friday, April 1st. They now have a "buy" rating on the stock.

Shares of Red Hat opened at 43.72 on Friday. Red Hat has a 52 week low of $27.82 and a 52 week high of $49.00. The stock's 50-day moving average is $43.93 and its 200-day moving average is $44.40. The company has a market cap of $8.439 billion and a price-to-earnings ratio of 79.49.

Red Hat last announced its quarterly results on Wednesday, June 22nd. The company reported $0.24 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.22 EPS by $0.02. The company’s quarterly revenue was up 26.6% on a year-over-year basis. On average, analysts predict that Red Hat will post $0.23 EPS next quarter.

Red Hat, Inc. (Red Hat) is engaged in providing open source software solutions to the enterprise, including its core enterprise operating system platform, Red Hat Enterprise Linux, its enterprise middleware platform, JBoss Enterprise Middleware, its virtualization solutions and other Red Hat enterprise technologies. The Company employs an open source software development and licensing model that uses the collaborative input of an international community of contributors to develop and enhance software. The collectively developed software is distributed under open source licenses, such as the GNU General Public License and GNU Lesser General Public License, permitting access to the human-readable software source code. These licenses also provide rights for licensees to use, copy, modify and distribute open source software. In December 2010, the Company acquired Makara, a developer of deployment and management solutions for applications in the cloud.

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