Alpine Associates Management Inc. Has $72.53 Million Stock Position in HashiCorp, Inc. (NASDAQ:HCP)

Alpine Associates Management Inc. grew its stake in shares of HashiCorp, Inc. (NASDAQ:HCP) by 48.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,142,154 shares of the company’s stock after purchasing an additional 701,350 shares during the quarter. HashiCorp comprises about 3.3% of Alpine Associates Management Inc.’s portfolio, making the stock its 12th biggest holding. Alpine Associates Management Inc. owned about 1.06% of HashiCorp worth $72,533,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Whale Rock Capital Management LLC boosted its stake in shares of HashiCorp by 293.2% during the 1st quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company’s stock worth $123,046,000 after acquiring an additional 3,404,557 shares during the period. Pentwater Capital Management LP bought a new position in shares of HashiCorp during the 2nd quarter worth approximately $91,654,000. Magnetar Financial LLC bought a new position in shares of HashiCorp during the 2nd quarter worth approximately $71,490,000. Vanguard Group Inc. boosted its stake in shares of HashiCorp by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after acquiring an additional 1,501,953 shares during the period. Finally, ING Groep NV boosted its stake in shares of HashiCorp by 851.2% during the 3rd quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock worth $56,587,000 after acquiring an additional 1,495,500 shares during the period. Institutional investors and hedge funds own 87.83% of the company’s stock.

Insider Transactions at HashiCorp

In other HashiCorp news, CMO Marc Holmes sold 13,782 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $33.81, for a total value of $465,969.42. Following the completion of the transaction, the chief marketing officer now owns 8,754 shares of the company’s stock, valued at $295,972.74. This represents a 61.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $33.86, for a total value of $1,215,709.44. Following the completion of the transaction, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at approximately $51,467,200. The trade was a 2.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 371,209 shares of company stock valued at $12,559,456. Corporate insiders own 22.49% of the company’s stock.

HashiCorp Stock Performance

NASDAQ:HCP opened at $33.61 on Wednesday. The stock has a fifty day moving average price of $33.88 and a 200-day moving average price of $33.66. The company has a market cap of $6.82 billion, a price-to-earnings ratio of -44.80 and a beta of 1.24. HashiCorp, Inc. has a fifty-two week low of $19.26 and a fifty-two week high of $34.21.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The company had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the previous year, the firm earned ($0.34) EPS. HashiCorp’s revenue was up 15.3% on a year-over-year basis. Research analysts predict that HashiCorp, Inc. will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HCP. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Piper Sandler reiterated a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a research note on Friday, August 30th. StockNews.com assumed coverage on HashiCorp in a research note on Sunday. They issued a “hold” rating for the company. Finally, Citigroup assumed coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target for the company. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.08.

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.