Red Hat’s 3Q Shadows 2Q; No Updated Outlook or Call Pending IBM Acquisition; Shares Fairly Valued
Red Hat’s third-quarter result largely followed its second-quarter performance with its infrastructure subscription business growing in the high-single digits, while its application subscription business grew roughly 30% in constant currency. With IBM set to acquire Red Hat in the second half of calendar 2019, Red Hat didn’t provide an updated outlook for fiscal 2019 or host a conference call. Given the pending transaction, we maintain our $173 fair value estimate for Red Hat which includes a ti...Red Hat is a provider of open source software solutions, using a community-powered approach to develop and provide operating system, virtualization, management, middleware, cloud, mobile and storage technologies. The company provides its software offerings primarily under annual or multi-year subscriptions as well as on-demand through its certified cloud and service providers. The company's products and services include: Infrastructure-related offerings, which consist of Red Hat Enterprise, Red Hat Satellite, and Red Hat Virtualization; and Application Development-related and Other Emerging Technology Offerings, which consist of Red Hat JBoss Middleware, and Other Emerging Technologies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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