HashiCorp (NASDAQ:HCP) Reaches New 52-Week High – Here’s Why

HashiCorp, Inc. (NASDAQ:HCP) hit a new 52-week high during trading on Thursday . The stock traded as high as $34.46 and last traded at $34.33, with a volume of 4553255 shares traded. The stock had previously closed at $34.32.

Wall Street Analyst Weigh In

Several brokerages have commented on HCP. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. StockNews.com initiated coverage on shares of HashiCorp in a report on Sunday, December 29th. They set a “hold” rating for the company. Twelve analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, HashiCorp has a consensus rating of “Hold” and an average price target of $32.08.

HashiCorp Stock Down 0.1 %

The stock has a market capitalization of $7.01 billion, a PE ratio of -56.24 and a beta of 1.18. The firm’s fifty day moving average price is $33.96 and its two-hundred day moving average price is $33.82.

Insider Buying and Selling at HashiCorp

In related news, CEO David Mcjannet sold 47,526 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the completion of the transaction, the chief executive officer now directly owns 465,978 shares in the company, valued at approximately $15,945,767.16. The trade was a 9.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was 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 represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,940 shares of company stock worth $7,088,351. Insiders own 22.49% of the company’s stock.

Institutional Trading of HashiCorp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Magnetar Financial LLC purchased a new position in HashiCorp during the second quarter valued at $71,490,000. ING Groep NV increased its holdings in shares of HashiCorp by 851.2% in the third quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock worth $56,587,000 after purchasing an additional 1,495,500 shares during the last quarter. Alpine Associates Management Inc. purchased a new stake in shares of HashiCorp in the second quarter worth about $48,541,000. Westchester Capital Management LLC boosted its stake in HashiCorp by 60.5% during the third quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock valued at $108,363,000 after buying an additional 1,206,073 shares during the last quarter. Finally, Water Island Capital LLC purchased a new position in HashiCorp during the 2nd quarter valued at approximately $37,762,000. 86.25% of the stock is owned by hedge funds and other institutional investors.

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.