HashiCorp (NASDAQ:HCP) Shares Gap Up Following Analyst Upgrade

HashiCorp, Inc. (NASDAQ:HCP) gapped up prior to trading on Thursday after Piper Sandler raised their price target on the stock from $25.00 to $35.00. The stock had previously closed at $31.41, but opened at $32.99. Piper Sandler currently has a neutral rating on the stock. HashiCorp shares last traded at $32.87, with a volume of 10,846,358 shares trading hands.

HCP has been the subject of a number of other research reports. Bank of America lifted their price target on HashiCorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday. Truist Financial reiterated a “hold” rating and issued a $35.00 target price (up previously from $27.00) on shares of HashiCorp in a report on Thursday. Citigroup upped their price objective on shares of HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Monday, January 22nd. Needham & Company LLC restated a “hold” rating on shares of HashiCorp in a research note on Thursday. Finally, TD Cowen increased their price target on HashiCorp from $23.00 to $26.00 and gave the company a “market perform” rating in a research report on Wednesday, March 6th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, HashiCorp has an average rating of “Hold” and an average target price of $30.77.

Insiders Place Their Bets

In other news, CFO Navam Welihinda sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the transaction, the chief financial officer now owns 62,844 shares in the company, valued at $1,571,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Navam Welihinda sold 5,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,571,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Mcjannet sold 33,331 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the completion of the transaction, the chief executive officer now owns 326,912 shares of the company’s stock, valued at $8,950,850.56. The disclosure for this sale can be found here. Insiders sold 263,077 shares of company stock valued at $6,597,742 over the last three months. Insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TimesSquare Capital Management LLC bought a new position in shares of HashiCorp in the third quarter worth approximately $55,774,000. Atreides Management LP purchased a new position in shares of HashiCorp during the third quarter valued at about $31,413,000. Artemis Investment Management LLP increased its holdings in shares of HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock worth $41,891,000 after purchasing an additional 1,253,723 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of HashiCorp by 10.3% in the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after purchasing an additional 999,671 shares during the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. boosted its stake in HashiCorp by 50.0% during the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after buying an additional 949,100 shares during the last quarter. Hedge funds and other institutional investors own 87.83% of the company’s stock.

HashiCorp Stock Performance

The firm has a market cap of $6.56 billion, a PE ratio of -33.61 and a beta of 1.42. The firm has a fifty day simple moving average of $25.73 and a two-hundred day simple moving average of $23.30.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $155.78 million during the quarter, compared to the consensus estimate of $149.47 million. Equities analysts forecast that HashiCorp, Inc. will post -0.8 EPS for the current fiscal year.

HashiCorp Company Profile

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.