Elite Wealth Management Inc. Cuts Stock Position in HashiCorp, Inc. (NASDAQ:HCP)

Elite Wealth Management Inc. decreased its stake in HashiCorp, Inc. (NASDAQ:HCP) by 22.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 635,101 shares of the company’s stock after selling 180,240 shares during the quarter. HashiCorp makes up 0.9% of Elite Wealth Management Inc.’s holdings, making the stock its 6th largest holding. Elite Wealth Management Inc.’s holdings in HashiCorp were worth $15,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of HCP. Bank of New York Mellon Corp bought a new stake in HashiCorp during the first quarter worth $2,742,000. Great West Life Assurance Co. Can bought a new stake in shares of HashiCorp in the 1st quarter valued at about $3,795,000. Blair William & Co. IL acquired a new stake in HashiCorp in the 1st quarter valued at about $273,000. Vanguard Group Inc. grew its holdings in HashiCorp by 21.9% during the first quarter. Vanguard Group Inc. now owns 1,278,704 shares of the company’s stock worth $69,050,000 after purchasing an additional 229,768 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in HashiCorp during the first quarter worth approximately $2,722,000. Institutional investors and hedge funds own 87.83% of the company’s stock.

Insider Buying and Selling at HashiCorp

In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $21.95, for a total value of $54,875.00. Following the transaction, the chief financial officer now owns 62,844 shares in the company, valued at $1,379,425.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $21.95, for a total transaction of $54,875.00. Following the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,379,425.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total value of $826,510.08. Following the completion of the transaction, the chief technology officer now owns 1,804,780 shares of the company’s stock, valued at $41,546,035.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 262,577 shares of company stock valued at $6,484,004. 26.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $38.00 price objective on shares of HashiCorp in a research report on Thursday, March 7th. TD Cowen raised their price target on HashiCorp from $23.00 to $26.00 and gave the company a “market perform” rating in a report on Wednesday, March 6th. Citigroup lifted their target price on shares of HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Monday, January 22nd. KeyCorp began coverage on shares of HashiCorp in a report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, Morgan Stanley raised HashiCorp from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $23.00 to $30.00 in a research report on Monday, February 26th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.77.

HashiCorp Trading Up 0.4 %

NASDAQ HCP traded up $0.09 during midday trading on Wednesday, hitting $23.75. The company had a trading volume of 436,672 shares, compared to its average volume of 2,305,051. The company has a market capitalization of $4.74 billion, a PE ratio of -24.14 and a beta of 1.42. HashiCorp, Inc. has a twelve month low of $18.91 and a twelve month high of $36.39. The firm has a 50-day moving average price of $25.49 and a 200-day moving average price of $23.17.

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

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.