Analysts lowered their Red Hat targets Friday after the open source software company reported firt quarter earnings that topped expectations but lower than expected guidance. Red Hat stock (NYSE:RHT) was down more than 14 percent in Friday trading to $142.35.

Red Hat reported earning of 72 cents per share, topping analysts consensus estimates by 4 cents. But it lowered second quarter and full year guidance.

Citing headwinds in foreign exchange rates, “We are adjusting our full year total revenue guidance by approximately $50 million,” said Red Hat CFO Eric Shander in an earnings report statement. statement.

Analysts Monness Crespi Hardt lowered its Red Hat target price from $200 to $186 after the earnings report. BMO Capital lowered its Red Hat target from $192 to $177.

BMO noted weakness in revenues and billing.

CNBC’s Jim Cramer said he still thinks cloud-based enterprise software stocks are “red hot” despite Red Hat’s disappointing guidance.

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