Could Red Hat, Inc. (RHT) See a Reversal After Having Formed Several Months Double Top Chart Pattern

January 19, 2018 - By Marguerite Chambers

Investors sentiment decreased to 1.23 in 2017 Q3. Its down 0.02, from 1.25 in 2017Q2. It dropped, as 43 investors sold Red Hat, Inc. shares while 154 reduced holdings. 65 funds opened positions while 177 raised stakes. 157.62 million shares or 0.16% less from 157.87 million shares in 2017Q2 were reported.
D E Shaw Com invested in 334,191 shares or 0.06% of the stock. Paloma Prtn Mngmt holds 0.01% or 8,967 shares. Engineers Gate Manager Ltd Partnership holds 41,641 shares. Old Mutual Global Investors (Uk) Ltd reported 388,201 shares. Oakbrook Limited Liability Co invested 0.1% of its portfolio in Red Hat, Inc. (NYSE:RHT). Korea Investment has 68,968 shares for 0.04% of their portfolio. Shell Asset Management Company holds 0.03% or 29,126 shares in its portfolio. Covington Capital Management invested in 429 shares or 0% of the stock. North Star, Illinois-based fund reported 485 shares. Columbus Circle Investors holds 0.6% of its portfolio in Red Hat, Inc. (NYSE:RHT) for 317,114 shares. Ashfield Capital Ptnrs Lc accumulated 0.43% or 28,776 shares. Nikko Asset Mgmt Americas reported 0.86% of its portfolio in Red Hat, Inc. (NYSE:RHT). Plante Moran Advisors Ltd Limited Liability Company owns 345 shares for 0.02% of their portfolio. 2,415 are held by Lombard Odier Asset Mngmt (Europe) Ltd. Rampart Invest Mgmt Ltd Liability Co holds 0.09% of its portfolio in Red Hat, Inc. (NYSE:RHT) for 2,386 shares.

The chart of Red Hat, Inc. (RHT) shows a double top with $130.49 target or 4.00 % above today’s $125.47 share price. The 7 months chart pattern indicates low risk for the $22.20B company. It was reported on Jan, 19 by Finviz.com. If the $130.49 price target is reached, the company will be worth $888.08M more. Double tops are rare but powerful chart patterns.

The stock decreased 0.89% or $1.13 during the last trading session, reaching $125.47. About 1.47 million shares traded. Red Hat, Inc. (NYSE:RHT) has risen 18.97% since January 19, 2017 and is uptrending. It has outperformed by 2.27% the S&P500.

Red Hat, Inc. (NYSE:RHT) Ratings Coverage

Among 34 analysts covering Red Hat (NYSE:RHT), 25 have Buy rating, 1 Sell and 8 Hold. Therefore 74% are positive. Red Hat has $150.0 highest and $70 lowest target. $122’s average target is -2.77% below currents $125.47 stock price. Red Hat had 111 analyst reports since August 25, 2015 according to SRatingsIntel. The stock of Red Hat, Inc. (NYSE:RHT) earned “Outperform” rating by BMO Capital Markets on Monday, March 7. The stock of Red Hat, Inc. (NYSE:RHT) has “Buy” rating given on Monday, December 11 by Cowen & Co. The firm has “Buy” rating by Barclays Capital given on Wednesday, December 20. The stock of Red Hat, Inc. (NYSE:RHT) earned “Buy” rating by UBS on Thursday, September 22. The firm has “Outperform” rating given on Tuesday, March 28 by RBC Capital Markets. Wells Fargo maintained the stock with “Outperform” rating in Tuesday, September 19 report. Stifel Nicolaus maintained it with “Buy” rating and $125.0 target in Monday, September 25 report. The firm has “Neutral” rating given on Tuesday, January 26 by Bank of America. The rating was initiated by BMO Capital Markets with “Outperform” on Friday, January 8. The firm earned “Overweight” rating on Monday, September 18 by Barclays Capital.

More important recent Red Hat, Inc. (NYSE:RHT) news were published by: Seekingalpha.com which released: “Red Hat: Excessive Valuation Weighs On Good Results” on December 21, 2017, also Fool.com published article titled: “Red Hat, Inc. Smashed the Street Again — With Cash to Spare”, Seekingalpha.com published: “Red Hat: Where Perceptions Of Value Lie In The Eyes Of The Beholder” on December 27, 2017. More interesting news about Red Hat, Inc. (NYSE:RHT) was released by: Fool.com and their article: “How Red Hat, Inc. Stock Rose 72% in 2017” with publication date: January 09, 2018.

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