Red Hat (RHT) got at least four price target increases and its stock soared to a 15-year high after its fiscal Q4 earnings late Wednesday beat on strength beyond its core Linux business. Red Hat is the leading provider of Linux open-source operating system software. But the company is also rapidly moving into other areas including middleware, storage software, virtualization software and cloud computing services. The company competes with Oracle
Red Hat is benefiting from an expanding business model. The enterprise software company on Wednesday followed a strong Q3 report in December with fourth-quarter earnings that beat analyst estimates, as the company grows beyond its core Linux operating system software. Red Hat’s (RHT) earnings outlook for the current quarter was ahead of views. But its sales target was below where Wall Street was modeling. Red Hat stock rose 5% in after-hours
Red Hat (RHT) might be looking at an encore. The enterprise software company could post a strong fiscal Q4 after the market close Wednesday. Such a report would follow its Q3 beat in December, which sent the stock rising nearly 11%. Red Hat is best known as the No. 1 provider of open-source Linux-based operating system software and related services. Companies migrating from older Unix-based systems and Microsoft (MSFT) Windows systems use Linux.