Red Hat: Ready For Multiple Expansion [Seeking Alpha]
RED HAT (RHT)
Last red hat earnings: 3/25 04:15 pm
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US:NYSE Investor Relations:
investors.redhat.com
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Source: Seeking Alpha
Summary Red Hat ( RHT ) reported what investors viewed as disappointing earnings earlier in June which sent the stock down over 20% over the following days. Though the stock has recovered over 5% since, there is still significant upside to this name. The main driver behind the underperformance was management’s downward revised revenue guidance of $3.375-3.410 billion, compared to previously guided $3.425-3.460 billion, a ~2% decline at the midpoint. Despite the weaker than expected revenue guidance, management maintained their non-GAAP operating margin guidance of 23.9% and actually increased their EPS guidance. Though RHT was likely due for a small correction as their revenue multiple was approaching 10x, the 20% sell-off is far overdone and investors should be eager to take advantage of this mispricing. RHT still offered 20% top line growth in Q1, marking their 64 th consecutive quarter of growth with strong, consistent margins. RHT remains the leader in open source techno
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