Red Hat CEO James Whitehurst Sells Nearly $1 Million in Stock

10/19/17

By Charlotte Chilton, NC BIZ News

The chief executive officer of Red Hat Inc., James Whitehurst, sold almost $1 million worth of company stock earlier this week, according to a filing with the Securities and Exchange Commission.

Whitehurst sold 8,032 shares at prices ranging from $120.36 to $120.89. He still currently owns 375,947 shares of Red Hat stock. worth more than $45 million.

Whitehurst has regularly profited from selling stock of the open source software company. On May 2, he sold 47,608 shares totaling $4.1 million.

The Raleigh-based open source company listed on Nasdaq has delivered steady financial results over the previous quarters, beating analyst third-quarter expectations of 67 cents per share by 10 cents.

In June, the company became the first open source company to generate $2 billion in revenue in June, a value Whitehurst believes can soon raised to $5 billion.

Whitehurst has worked at Red Hat since 2008, during which the company has more than doubled it’s revenue, been added to the S&P 500, as well as the 2015 Forbes list of “The World’s Most Innovative Companies.”

Red Hat’s stock price has ranged from $68.54 to $122.31 over the past 52 weeks. The stock is currently selling for $120.78, a 0.07 percent increase since market opened Thursday.

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