HashiCorp (NASDAQ:HCP) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of HashiCorp (NASDAQ:HCP) from a sell rating to a hold rating in a research note released on Friday.

A number of other equities analysts have also recently commented on HCP. KeyCorp initiated coverage on HashiCorp in a report on Tuesday, March 19th. They issued a sector weight rating for the company. Morgan Stanley upgraded HashiCorp from an equal weight rating to an overweight rating and lifted their target price for the stock from $23.00 to $30.00 in a report on Monday, February 26th. Scotiabank reiterated a sector perform rating and issued a $35.00 target price (up previously from $31.00) on shares of HashiCorp in a report on Thursday, April 25th. Citigroup lifted their target price on HashiCorp from $22.00 to $24.00 and gave the stock a neutral rating in a report on Monday, January 22nd. Finally, Piper Sandler boosted their price objective on HashiCorp from $25.00 to $35.00 and gave the company a neutral rating in a report on Thursday, April 25th. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $30.77.

HashiCorp Stock Performance

NASDAQ HCP traded up $0.03 during trading on Friday, hitting $32.85. 7,631,968 shares of the stock traded hands, compared to its average volume of 7,209,759. The firm has a 50-day simple moving average of $27.09 and a 200-day simple moving average of $23.82. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.06. The business had revenue of $155.78 million during the quarter, compared to analysts’ expectations of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. On average, research analysts predict that HashiCorp will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, CEO David Mcjannet sold 33,331 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total value of $912,602.78. Following the transaction, the chief executive officer now directly owns 326,912 shares of the company’s stock, valued at $8,950,850.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total transaction of $783,425.28. Following the sale, the chief technology officer now directly owns 1,768,876 shares of the company’s stock, valued at $38,596,874.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total value of $912,602.78. Following the sale, the chief executive officer now directly owns 326,912 shares in the company, valued at $8,950,850.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 231,523 shares of company stock valued at $5,901,732. Company insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TimesSquare Capital Management LLC acquired a new stake in HashiCorp in the third quarter valued at approximately $55,774,000. Atreides Management LP acquired a new stake in HashiCorp in the third quarter valued at approximately $31,413,000. Artemis Investment Management LLP grew its holdings in HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after purchasing an additional 1,253,723 shares during the period. Vanguard Group Inc. grew its holdings in HashiCorp by 10.3% in the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after purchasing an additional 999,671 shares during the period. Finally, Optimus Prime Fund Management Co. Ltd. grew its holdings in HashiCorp by 50.0% in the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after purchasing an additional 949,100 shares during the period. 87.83% of the stock is owned by institutional investors and hedge funds.

HashiCorp Company Profile

HashiCorp, Inc engages in the provision of multi-cloud infrastructure automation solutions worldwide. The company offers infrastructure provisioning products, including Terraform, that enables IT operations teams to apply an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; Packer, that provides a consistent way to define the process of transforming the raw source inputs into a production worthy artifact, across any environment or packaging format; and Vagrant, that allows teams to define how development environments are set up.