HashiCorp (NASDAQ:HCP) Price Target Raised to $32.00 at Bank of America

HashiCorp (NASDAQ:HCP) had its price target lifted by Bank of America from $28.00 to $32.00 in a report issued on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also weighed in on HCP. Stifel Nicolaus upped their price objective on HashiCorp from $26.00 to $28.00 and gave the company a buy rating in a report on Wednesday, March 6th. TD Cowen upped their price objective on HashiCorp from $23.00 to $26.00 and gave the company a market perform rating in a report on Wednesday, March 6th. JMP Securities restated a market outperform rating and issued a $38.00 price objective on shares of HashiCorp in a report on Thursday, March 7th. Scotiabank raised HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 target price for the company in a report on Tuesday, March 12th. 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 report on Monday, February 26th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $29.08.

HashiCorp Trading Up 7.8 %

Shares of HCP stock opened at $31.41 on Wednesday. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39. The stock has a fifty day moving average of $25.73 and a two-hundred day moving average of $23.30.

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

Insider Activity at HashiCorp

In related news, CFO Navam Welihinda sold 3,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total transaction of $83,520.00. Following the transaction, the chief financial officer now directly owns 93,925 shares of the company’s stock, valued at $2,614,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other HashiCorp news, CFO Navam Welihinda sold 3,000 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total value of $83,520.00. Following the transaction, the chief financial officer now directly owns 93,925 shares of the company’s stock, valued at approximately $2,614,872. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO David Mcjannet sold 33,331 shares of the company’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 completion of the transaction, 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 ninety days, insiders have sold 263,077 shares of company stock valued at $6,597,742. Company insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Several large investors have recently made changes to their positions in HCP. Nomura Asset Management Co. Ltd. boosted its stake in HashiCorp by 35.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after purchasing an additional 615 shares during the period. Industry Ventures L.L.C. acquired a new stake in HashiCorp in the 4th quarter valued at about $157,000. Victory Capital Management Inc. increased its position in HashiCorp by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after acquiring an additional 2,768 shares in the last quarter. Xponance Inc. increased its position in HashiCorp by 6.7% in the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after acquiring an additional 673 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in HashiCorp by 10.0% in the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after acquiring an additional 978 shares in the last quarter. Institutional investors 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.