NEW YORK ( TheStreet) -- Red Hat (NYSE: RHT) hit a new 52-week high Tuesday as it is currently trading at $53.81, above its previous 52-week high of $53.42 with 156,473 shares traded as of 9:40 a.m. ET. Average volume has been 2.4 million shares over the past 30 days. Red Hat has a market cap of $9.18 billion and is part of the technology sector and computer software & services industry. Shares are up 28.7% 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 71.1, above the average computer software & services industry P/E ratio of 65.1 and above the S&P 500 P/E ratio of 17.7.
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, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. 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. See all 52-week high stocks or get investment ideas from our investment research center.