Red Hat Inc. Reveals 12% Gain In Q2 Profit

The company said it expects revenue in the range of $519 million to $523 million for the fiscal third quarter.

Shares of Red Hat Inc (NYSE:RHT) traded up 2.34% during trading on Monday, hitting $72.72. The 12-month mean target is $83.3, which means upside potential of 14.56% over the current price. The 50-day moving average is $73.99 and the 200 day moving average is recorded at $75.23. During the same quarter in the prior year, the firm earned $0.41 EPS.

Billings for the quarter rose 9 percent to $479 million.

Red Hat (NYSE:RHT) last released its quarterly earnings results on Monday, September 21st. The company has a market cap of $13.04B and a P/E ratio of 71.67. We are also thrilled to be the first open source company to achieve an annualized run-rate of $2 billion in revenue this quarter. The company had $0.47 in earnings per share (EPS) on $504 million in revenue compared to Thomson Reuters consensus estimates of $0.44 in EPS on $494.65 million in revenue.

On the books, operating cash flow was $120 million for the second quarter, an increase of 12%, from the same period in the previous year. Oppenheimer restated a buy rating and issued a $88.00 price target (up from $80.00) on shares of Red Hat in a research note on Thursday, June 25th. Also, Director Jeff Clarke sold 4,500 shares of the business’s stock in a transaction dated Friday, July 17th. The total amount of the transaction was worth $358,560, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.

In other Red Hat news, CEO James M. Whitehurst sold 10,495 shares of Red Hat stock in a transaction on Friday, July 17th. The disclosure for this sale can be found here.

Linux and open source software distributor Red Hat (RHT) this afternoon reported FYQ2 revenue and earnings that topped analysts’ expectations, and projected this quarter’s results higher as well, and raised its year outlook, but still saw its shares slip in late trading. The Business employs an open source development model. The open source development model allows it to use the collective input, resources and knowledge of a global community of contributors who can collaborate to develop, maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification. The Organization supplies its applications offerings mainly under annual or multi-year subscriptions as well as on-demand through cloud service providers.