NEW YORK (TheStreet) -- Shares of Red Hat Inc. (RHT) - Get Report are higher by 4% to $71.19 in after-hours trading on Wednesday, following the global provider of open source software solutions' fiscal 2015 fourth quarter earnings results, which came in above analysts' expectations.

For the most recent quarter Red Hat said its non-GAAP adjusted earnings were 43 cents per diluted share versus the 41 cents per share analysts had forecast.

Red Hat's fiscal 2014 fourth quarter adjusted earnings were 39 cents per diluted share.

Total revenue for the quarter grew by 16% to $464 million, compared to the $456.5 million analysts had predicted.

"Red Hat delivered strong fourth quarter results that were highlighted by subscription revenue and total revenue that both grew over 20% year-over-year on a constant currency basis. We continued to experience strong demand for our open, hybrid cloud technologies, as evidenced by increased cross-selling in our top 30 deals which were all over $2 million for the first time," company CEO Jim Whitehurst said in a statement.

Separately, TheStreet Ratings team rates RED HAT INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate RED HAT INC (RHT) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: RHT Ratings Report

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