Strength Overseas Buoys Red Hat’s Solid Second Quarter; Raising Fair Value Estimate to $84
Red Hat’s second-quarter results were largely in line with our expectations, as the firm continues to see strong adoption across both its core Linux product and emerging technology products. We are modestly raising our fair value estimate to $84 per share from $80 previously as we account for the time value of money and slightly higher revenue and EPS expectations over the next several years. We reiterate our narrow moat rating, and shares looks fairly valued following a 5% rally on the heels of...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.
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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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