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

HashiCorp, Inc. (NASDAQ:HCP) shares gapped up before the market opened 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.

Several other equities analysts also recently commented on the company. JMP Securities reiterated a “market outperform” rating and set a $38.00 price target on shares of HashiCorp in a report on Thursday, March 7th. Morgan Stanley raised HashiCorp from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $23.00 to $30.00 in a research report on Monday, February 26th. KeyCorp started coverage on HashiCorp in a research report on Tuesday, March 19th. They set a “sector weight” rating for the company. Oppenheimer reissued an “outperform” rating and issued a $34.00 price objective on shares of HashiCorp in a research report on Wednesday, March 6th. Finally, TD Cowen upped their target price on shares of HashiCorp from $23.00 to $26.00 and gave the company a “market perform” rating in a research note on Wednesday, March 6th. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $30.77.

Insider Activity

In related news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $41,546,035.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $23.02, for a total value of $826,510.08. Following the transaction, the chief technology officer now directly owns 1,804,780 shares in the company, valued at $41,546,035.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total transaction of $54,600.00. Following the sale, the chief financial officer now directly owns 62,844 shares of the company’s stock, valued at approximately $1,372,512.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,427 shares of company stock worth $6,728,242. Company insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Institutional investors have recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. raised its stake 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 worth $54,000 after acquiring an additional 615 shares during the last quarter. Industry Ventures L.L.C. bought a new position in HashiCorp in the 4th quarter worth approximately $157,000. Victory Capital Management Inc. lifted its holdings in HashiCorp by 35.5% during the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after buying an additional 2,768 shares in the last quarter. Xponance Inc. boosted 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 buying an additional 673 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of 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 buying an additional 978 shares during the period. Institutional investors own 87.83% of the company’s stock.

HashiCorp Trading Down 0.7 %

The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of -33.25 and a beta of 1.42. The company has a 50 day moving average price of $26.08 and a 200 day moving average price of $23.44.

HashiCorp (NASDAQ:HCP) last announced 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 return on equity of 15.58% and a negative net margin of 32.70%. The firm had revenue of $155.78 million during the quarter, compared to analysts’ expectations of $149.47 million. Equities analysts predict that HashiCorp, Inc. will post -0.8 earnings per share 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.