HashiCorp (NASDAQ:HCP) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Thursday morning. The brokerage issued a hold rating on the stock.

Several other research firms have also commented on HCP. Piper Sandler reiterated a “neutral” rating and set a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Citigroup began coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target on the stock. Finally, JMP Securities restated a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $33.78 on Thursday. HashiCorp has a 52-week low of $19.26 and a 52-week high of $34.21. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of -55.38 and a beta of 1.21. The stock has a 50 day moving average price of $33.83 and a 200 day moving average price of $33.73.

Insider Buying and Selling

In other news, CTO Armon Dadgar sold 35,903 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $33.58, for a total value of $1,205,622.74. Following the transaction, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at approximately $51,041,600. This trade represents a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CMO Marc Holmes sold 11,854 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $401,139.36. Following the completion of the sale, the chief marketing officer now owns 22,536 shares of the company’s stock, valued at approximately $762,618.24. The trade was a 34.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,207 shares of company stock worth $12,382,858 in the last 90 days. Insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. Westchester Capital Management LLC lifted its stake in shares of HashiCorp by 60.5% in the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock valued at $108,363,000 after purchasing an additional 1,206,073 shares during the last quarter. Pentwater Capital Management LP purchased a new stake in HashiCorp in the 2nd quarter valued at about $91,654,000. Geode Capital Management LLC lifted its position in HashiCorp by 18.0% in the third quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company’s stock valued at $85,417,000 after buying an additional 385,118 shares during the last quarter. State Street Corp boosted its stake in HashiCorp by 14.5% during the third quarter. State Street Corp now owns 2,239,850 shares of the company’s stock worth $75,841,000 after buying an additional 282,965 shares during the period. Finally, Alpine Associates Management Inc. increased its position in shares of HashiCorp by 48.7% during the third quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock valued at $72,533,000 after acquiring an additional 701,350 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors and hedge funds.

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.