StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

Investment analysts at StockNews.com began coverage on shares of HashiCorp (NASDAQ:HCP) in a note issued to investors on Wednesday. The brokerage set a “hold” rating on the stock.

Several other brokerages have also weighed in on HCP. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Piper Sandler restated a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a report on Friday, August 30th. Finally, Citigroup assumed coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Price Performance

NASDAQ HCP opened at $33.91 on Wednesday. The company has a market cap of $6.82 billion, a P/E ratio of -35.32 and a beta of 1.25. HashiCorp has a 12 month low of $18.91 and a 12 month high of $34.06. The company has a 50-day moving average of $33.85 and a 200-day moving average of $33.12.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The firm had revenue of $165.14 million during the quarter, compared to analyst estimates of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. HashiCorp’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.34) earnings per share. As a group, equities research analysts anticipate that HashiCorp will post -0.48 EPS for the current year.

Insider Buying and Selling at HashiCorp

In other news, CFO Navam Welihinda sold 5,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total transaction of $169,350.00. Following the transaction, the chief financial officer now directly owns 88,322 shares of the company’s stock, valued at approximately $2,991,466.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $33.71, for a total transaction of $1,210,323.84. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,239,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Navam Welihinda sold 5,000 shares of HashiCorp stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total value of $169,350.00. Following the sale, the chief financial officer now owns 88,322 shares in the company, valued at $2,991,466.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 385,125 shares of company stock valued at $13,022,483 over the last 90 days. 22.49% of the stock is owned by corporate insiders.

Institutional Trading of HashiCorp

A number of hedge funds have recently made changes to their positions in the stock. Swiss National Bank raised its holdings in HashiCorp by 11.8% in the first quarter. Swiss National Bank now owns 221,600 shares of the company’s stock valued at $5,972,000 after acquiring an additional 23,400 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of HashiCorp in the 1st quarter valued at about $1,070,000. Bessemer Group Inc. bought a new position in shares of HashiCorp during the first quarter worth about $649,000. Vanguard Group Inc. grew its stake in HashiCorp by 14.0% in the first quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after purchasing an additional 1,501,953 shares in the last quarter. Finally, New York Life Investment Management LLC bought a new stake in HashiCorp in the second quarter valued at about $11,407,000. Institutional investors and hedge funds own 87.83% of the company’s stock.

About HashiCorp

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.