NEW YORK (

TheStreet

) --

Red Hat

(NYSE:

RHT

) hit a new 52-week high Thursday as it is currently trading at $49.08, above its previous 52-week high of $49 with 47,056 shares traded as of 9:36 a.m. ET. Average volume has been 3.1 million shares over the past 30 days.

Red Hat has a market cap of $9 billion and is part of the

technology

sector and

computer software & services

industry. Shares are up 5.7% year to date as of the close of trading on Wednesday.

Red Hat, Inc. provides open source software solutions to enterprises worldwide. It also offers enterprise-ready open source operating system platforms. The company has a P/E ratio of 69.3, equal to the average computer software & services industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Red Hat as a

buy

. 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, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full

Red Hat Ratings Report

.

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