Red Hat Investors Are Overpaying
Investors are buying up shares of technology companies quickly this summer as fears of an economic collapse begin to dissipate and margins for many companies are quite attractive. Red Hat, Inc. (RHT), the provider of open source operating systems for enterprises, has seen its stock rocket 268% from the low set last November. Investors are now willing to pay a hefty premium for the stock due to its stable track record of sales and earnings growth.
Last week, the company announced results for its fiscal second quarter (Red Hat operates with a February fiscal year end; see 2Q conference call transcript here). The results came in ahead of expectations with the company posting earnings of $0.20 per share from revenue of $184 million. Sales were up 12% above the same quarter last year which indicates that businesses are willing to invest in technology even while the purse strings are held tight for many other expenditures.
Also: Red Hat Adds to Board of Directors
And: New Report Just Published Red Hat: a systems and identity management strategy in the making
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