Red HatRed Hat ( RHT) was a high flier in the extended session after the company reported a non-GAAP profit of $56.5 million, or 29 cents a share, in its fiscal second quarter ended in August, beating Wall Street's consensus view by 16%. The maker of a Linux-based operating system and other software applications racked up revenue of $281.3 million in the quarter, a 28% hike over the same period last year, and comfortably above analysts' estimate of $271.8 million. Subscription revenue climbed 28% year-over-year to reach $238.3 million during the quarter. The shares jumped 6% to $42.75 on after-hours volume of nearly 400,000, according to Nasdaq.com. Based on Wednesday's closing price of $40.29, the stock was down more 10% so far in 2011. The majority of Wall Street was bullish on Red Hat ahead of the report with 17 of the 25 analysts covering the stock at strong buy (7) or buy (10), and the median 12-month price target at $47.50, implying potential upside of 18% from current levels.