HashiCorp (NASDAQ:HCP) Coverage Initiated at StockNews.com

Research analysts at StockNews.com assumed coverage on shares of HashiCorp (NASDAQ:HCP) in a research report issued to clients and investors on Friday. The firm set a “hold” rating on the stock.

HCP has been the subject of a number of other reports. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Citigroup initiated coverage on shares of HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 target price for the company. Finally, Piper Sandler restated a “neutral” rating and set a $35.00 price target on shares of HashiCorp in a research note on Friday, August 30th. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $32.08.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $33.62 on Friday. HashiCorp has a 1 year low of $19.26 and a 1 year high of $34.21. The stock has a fifty day moving average price of $33.85 and a two-hundred day moving average price of $33.71. The firm has a market cap of $6.82 billion, a P/E ratio of -44.83 and a beta of 1.24.

HashiCorp (NASDAQ:HCP) last released its earnings results on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. The firm had revenue of $165.14 million for the quarter, compared to analyst estimates of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. HashiCorp’s revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.34) earnings per share. On average, research analysts predict that HashiCorp will post -0.48 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Navam Welihinda sold 18,167 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 $614,771.28. Following the completion of the sale, the chief financial officer now owns 105,883 shares in the company, valued at $3,583,080.72. This trade represents a 14.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David Mcjannet sold 48,055 shares of HashiCorp stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $1,626,181.20. Following the transaction, the chief executive officer now directly owns 419,531 shares of the company’s stock, valued at $14,196,929.04. This represents a 10.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 366,208 shares of company stock worth $12,391,868. 22.49% of the stock is currently owned by corporate insiders.

Institutional Trading of HashiCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. boosted its stake in HashiCorp by 3.1% during the 2nd quarter. Xponance Inc. now owns 10,271 shares of the company’s stock worth $346,000 after acquiring an additional 305 shares during the last quarter. Comerica Bank boosted its position in shares of HashiCorp by 2.1% during the first quarter. Comerica Bank now owns 18,432 shares of the company’s stock worth $497,000 after purchasing an additional 374 shares in the last quarter. KBC Group NV grew its holdings in shares of HashiCorp by 25.8% in the 3rd quarter. KBC Group NV now owns 3,563 shares of the company’s stock valued at $121,000 after buying an additional 731 shares during the period. Victory Capital Management Inc. increased its position in shares of HashiCorp by 4.8% in the 3rd quarter. Victory Capital Management Inc. now owns 19,090 shares of the company’s stock valued at $646,000 after buying an additional 873 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in HashiCorp by 43.0% during the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock worth $86,000 after buying an additional 961 shares during the period. 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.