Shares of Red Hat, Inc’s (NYSE:RHT) hiked on Friday as the company reported strong Q3 results and aims to purchase cloud-based software corporation ManageIQ.
The software company reported on late Thursday that it would acquire privately held ManageIQ in a $104 million cash deal.
The Raleigh, North Carolina based company also announced that it earned 29 cents a share for its fiscal Q3 on an adjusted basis.
Shares of the company hiked $2.25 or over 4% to $54.86 in afternoon trading session. Company’s stock has traded in the range of $39.19 to $62.75 in previous 52 weeks.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Microsoft Corporation (NASDAQ:MSFT) fell -0.83% to settle at $27.45, Oracle Corporation (NASDAQ:ORCL) moved down -0.53% to end at $33.76 while Verisign, Inc (NASDAQ:VRSN) jumped +0.40% to finish at $38.04 on Friday.
Red Hat, Inc (NYSE:RHT) stock’s trade at beginning with a price of $55.29 and throughout the trading session climbed at a high of $55.42 other than when day-trade ended the stock finally advanced +4.52% to $54.99.
The stock is going forward its 52 week low with +40.32% and lagging behind from its 52 week high price with -12.37%. RHT last month stock price volatility remained 2.18%.
RHT stock institutional ownership remained 96.45% while insider ownership included 0.44%. In its share capital RHT has 193.32 million outstanding shares among them 192.73 million shares have been floated in market exchange.
Company’s beta coefficient included 1.31. Beta factors measures the amount of market risk associated with market trade.
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