HashiCorp (NASDAQ:HCP) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of HashiCorp (NASDAQ:HCP) in a research report sent to investors on Wednesday. The brokerage issued a hold rating on the stock.

HCP has been the subject of a number of other research reports. Piper Sandler reaffirmed a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a research report on Friday, August 30th. Citigroup started coverage on HashiCorp in a report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target for the company. Finally, JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, HashiCorp presently has a consensus rating of “Hold” and a consensus price target of $32.08.

HashiCorp Stock Up 0.1 %

NASDAQ HCP opened at $33.94 on Wednesday. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of -35.35 and a beta of 1.25. The business has a fifty day moving average of $33.85 and a 200-day moving average of $33.13. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $34.06.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. The business had revenue of $165.14 million for the quarter, compared to the consensus estimate of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. As a group, analysts anticipate that HashiCorp will post -0.48 EPS for the current year.

Insider Activity

In related news, CMO Marc Holmes sold 13,916 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $33.66, for a total value of $468,412.56. Following the completion of the sale, the chief marketing officer now directly owns 4,368 shares in the company, valued at approximately $147,026.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CMO Marc Holmes sold 13,916 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $33.66, for a total transaction of $468,412.56. Following the transaction, the chief marketing officer now directly owns 4,368 shares of the company’s stock, valued at approximately $147,026.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $33.82, for a total transaction of $1,214,273.28. Following the completion of the sale, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at $51,406,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 385,125 shares of company stock valued at $13,022,483. Company insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whale Rock Capital Management LLC increased its position in shares of HashiCorp by 293.2% during the first 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 last quarter. Pentwater Capital Management LP acquired a new stake in HashiCorp during the 2nd quarter valued at approximately $91,654,000. Magnetar Financial LLC purchased a new stake in HashiCorp during the 2nd quarter worth approximately $71,490,000. Champlain Investment Partners LLC acquired a new position in shares of HashiCorp in the 1st quarter valued at approximately $48,995,000. Finally, 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 valued at $329,454,000 after buying an additional 1,501,953 shares during the last quarter. 87.83% of the stock is owned by hedge funds and other institutional investors.

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.