Scotiabank Reaffirms Sector Perform Rating for HashiCorp (NASDAQ:HCP)

HashiCorp (NASDAQ:HCP)‘s stock had its “sector perform” rating reaffirmed by Scotiabank in a research note issued to investors on Thursday, Benzinga reports. They presently have a $35.00 price target on the stock, up from their prior price target of $31.00. Scotiabank’s price objective suggests a potential upside of 6.35% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. TD Cowen raised their price target on shares of HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday, March 6th. Bank of America raised their price target on shares of HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com raised shares of HashiCorp from a “sell” rating to a “hold” rating in a report on Monday. Stifel Nicolaus raised their price target on shares of HashiCorp from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Piper Sandler raised their price target on shares of HashiCorp from $25.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $30.77.

HashiCorp Stock Performance

NASDAQ:HCP traded up $1.50 during midday trading on Thursday, reaching $32.91. 11,359,560 shares of the stock traded hands, compared to its average volume of 2,813,943. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39. The business has a 50-day moving average of $25.73 and a two-hundred day moving average of $23.30. The stock has a market capitalization of $6.57 billion, a PE ratio of -33.61 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. The company had revenue of $155.78 million during the quarter, compared to analysts’ expectations of $149.47 million. Research analysts anticipate that HashiCorp will post -0.8 earnings per share for the current year.

Insider Activity

In other news, CTO Armon Dadgar sold 35,904 shares of the firm’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 of the company’s stock, valued at $41,546,035.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO Armon Dadgar sold 35,904 shares of the firm’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 of the company’s stock, valued at $41,546,035.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the completion of the transaction, the chief executive officer now directly owns 326,912 shares in the company, valued at $8,950,850.56. The disclosure for this sale can be found here. Insiders have sold a total of 263,077 shares of company stock worth $6,597,742 over the last 90 days. 26.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HashiCorp

A number of institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of HashiCorp by 47.6% in the third quarter. SG Americas Securities LLC now owns 39,928 shares of the company’s stock valued at $912,000 after purchasing an additional 12,884 shares in the last quarter. Peregrine Capital Management LLC grew its holdings in HashiCorp by 3.5% during the 3rd quarter. Peregrine Capital Management LLC now owns 303,525 shares of the company’s stock worth $6,929,000 after acquiring an additional 10,322 shares in the last quarter. Xponance Inc. grew its holdings in HashiCorp by 6.7% during the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after acquiring an additional 673 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in HashiCorp by 10.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 337,516 shares of the company’s stock worth $7,705,000 after acquiring an additional 32,006 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in HashiCorp by 19.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 69,596 shares of the company’s stock worth $1,589,000 after acquiring an additional 11,278 shares in the last quarter. 87.83% 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.