NEW YORK ( TheStreet) -- Red Hat (NYSE: RHT) hit a new 52-week high Tuesday as it is currently trading at $52.37, above its previous 52-week high of $52 with 1.2 million shares traded as of 12:36 p.m. ET. Average volume has been 2.8 million shares over the past 30 days.

Red Hat has a market cap of $9.6 billion and is part of the technology sector and computer software & services industry. Shares are up 10.1% year to date as of the close of trading on Monday.

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 74.7, 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 the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full Red Hat Ratings Report.

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