HashiCorp (NASDAQ:HCP) Trading Up 8.3% on Analyst Upgrade

Shares of HashiCorp, Inc. (NASDAQ:HCP) were up 8.3% on Wednesday after Piper Sandler raised their price target on the stock from $25.00 to $35.00. Piper Sandler currently has a neutral rating on the stock. HashiCorp traded as high as $32.22 and last traded at $31.57. Approximately 11,625,278 shares changed hands during trading, an increase of 351% from the average daily volume of 2,578,926 shares. The stock had previously closed at $29.15.

HCP has been the subject of a number of other reports. StockNews.com raised HashiCorp from a “sell” rating to a “hold” rating in a research note on Monday. Bank of America lifted their price objective on HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $38.00 price objective on shares of HashiCorp in a research note on Thursday, March 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of HashiCorp in a research note on Thursday. Finally, Stifel Nicolaus lifted their price objective on HashiCorp from $26.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $30.77.

Insider Buying and Selling

In related news, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total transaction of $130,500.00. Following the sale, the director now owns 37,991 shares in the company, valued at $1,139,730. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total value of $826,510.08. Following the sale, the chief technology officer now owns 1,804,780 shares in the company, valued at $41,546,035.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total value of $130,500.00. Following the completion of the sale, the director now owns 37,991 shares in the company, valued at approximately $1,139,730. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,427 shares of company stock worth $6,728,242. Corporate insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. grew its position in shares of HashiCorp by 35.4% in the third 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 last quarter. Industry Ventures L.L.C. acquired a new position in shares of HashiCorp in the fourth quarter valued at approximately $157,000. Victory Capital Management Inc. grew its position in shares of HashiCorp by 35.5% in the third quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after purchasing an additional 2,768 shares during the last quarter. Xponance Inc. grew its position in shares of HashiCorp by 6.7% in the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after purchasing an additional 673 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of HashiCorp by 10.0% in the third quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after purchasing an additional 978 shares during the last quarter. Institutional investors own 87.83% of the company’s stock.

HashiCorp Price Performance

The company has a market cap of $6.55 billion, a price-to-earnings ratio of -33.49 and a beta of 1.42. The firm has a 50-day moving average price of $25.90 and a 200 day moving average price of $23.37.

HashiCorp (NASDAQ:HCP) last issued 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 business had revenue of $155.78 million for the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. On average, equities analysts anticipate 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.