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NEW YORK (TheStreet) -- Shares of Red Hat (RHT) - Get Red Hat, Inc. Report  were advancing 6.76% to $82.25 in after-hours trading on Wednesday as the company posted fiscal 2017 second-quarter results that beat analysts' expectations. 

After today's closing bell, Red Hat posted earnings of 55 cents per share, surpassing analysts' estimates by a penny. 

Revenue came in at $600 million, above Wall Street's expected $593.46 million in revenue. 

For the year-ago period, the Raleigh, NC-based software solutions provider posted earnings of 47 cents per share on revenue of $504.15 million. 

The company also issued upbeat earnings guidance for 2017. Red Hat expects full-year earnings between $2.23 per share and $2.25 per share, up from its prior view of $2.19 per share and $2.23 per share. 

Wall Street is looking for earnings of $2.21 per share for the year. 

Revenue for 2017 is projected to be between $2.415 billion and $2.435 billion, higher than its previously estimated range of $2.38 billion to $2.42 billion. 

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Analysts are modeling full-year revenue of $2.398 billion. 

Additionally, Red Hat said it sees third-quarter earnings of 58 cents per share vs. consensus estimates of 57 cents per share. Revenue is projected to be in the range of $613 million and $623 million, while Wall Street is looking for $615.18 million. 

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

TheStreet Ratings team rates Red Hat as a Buy with a ratings score of B. This is driven by several positive factors, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, growth in earnings per share and good cash flow from operations. The team feels its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

You can view the full analysis from the report here: RHT. Or, check out the latest technical analysis (subscription required following a free 14-day trial) from Chris Versace and Bob Lang, who co-manage TheStreet's Trifecta Stocks model portfolio. Versace and Lang correctly predicted earlier today that good results would push Red Hat above $80 a share.

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