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IT Manager's Journal: Following Up on Red Hat's Recent Market Performance

Apr 02, 2004, 18:00 (1 Talkback[s])
(Other stories by Melanie Hollands)

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"Several weeks ago, I discussed Red Hat in detail. The stock opened at $18.42 that day, and I wrote 'I like RHAT stock long and think it can move up to around the $22 price target within the next two to three months. However, I expect a volatile ride on the way to $22.' Since then, RHAT has moved up 20 percent to close yesterday, March 31, at $22.95--exceeding my price target by about $1 and reaching this level sooner than I had expected.

"In part, this was due to the company's recent strong earnings results. After the market close on March 23, Red Hat reported its fourth fiscal quarter (February) and fiscal year 2004 results. Management reported fourth-quarter 2004 revenues of $37 million, which represented a 43 percent year-over-year increase and an 11 percent sequential increase..."

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Related Story:
IT Manager's Journal: IT Investor's Journal: A Close Look at Red Hat(Feb 10, 2004)