The North Carolina-headquartered business also boasted that it boosted its annual revenue outlook to a range of $2.034 billion to $2.044 billion with earnings expected to drop between $1.85 and $1.87 per share. “We also continued to invest in our initiatives to deliver open, hybrid cloud solutions which support our long-term growth opportunities”, stated Frank Calderoni, Executive Vice President, Operations and Chief Financial Officer of Red Hat.
Currently, the overall analyst consensus on Red Hat is Moderate Buy, with an $84 price target, reflecting an 18.21% upside.
The company said it expects revenue in the range of $519 million to $523 million for the fiscal third quarter.
Total revenue for the second quarter rose 13% to $504.15 million from $445.90 million in the same quarter previous year . Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-four have issued a buy rating to the stock. Following that report the stock realized a 3.2% loss in ten trading days. After adjusting for non-cash share-based compensation expense, amortization of intangible assets, transaction costs related to business combinations, and non-cash interest expense from accretion of debt discount, as detailed in the tables below, non-GAAP net income for the quarter was $88 million, or $0.47 per diluted share, as compared to $78 million, or $0.41 per diluted share, in the year-ago quarter. The stock’s 50 day moving average is $73.99 and its 200-day moving average is $75.23. 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 now has an average rating of Buy and a consensus target price of $82.07. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The stock was sold at an average price of $80.21, for a total transaction of $841,803.95. The disclosure for this sale can be found here.
Red Hat, Inc.is a provider of open source software alternatives, using a community-powered approach to develop and offer operating system, virtualization, middleware, storage and cloud technologies. Neogen Corporation develops, manufactures, and markets different types of products and services for the food and animal business safety globally.
Red Hat’s open source software is available for free. Its applications offerings are distributed by the Organization under open source licenses that allow access to the program ‘s human-readable source code. The Company provides its software offerings chiefly under yearly or multi-year subscriptions as well as on demand through cloud providers.