Truist Financial Reiterates “Hold” Rating for HashiCorp (NASDAQ:HCP)

HashiCorp (NASDAQ:HCP)‘s stock had its “hold” rating reiterated by investment analysts at Truist Financial in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $35.00 price target on the stock, up from their previous price target of $27.00. Truist Financial’s price objective would suggest a potential upside of 11.43% from the company’s current price.

A number of other brokerages have also issued reports on HCP. Citigroup lifted their target price on HashiCorp from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Monday, January 22nd. Morgan Stanley upgraded shares of HashiCorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $23.00 to $30.00 in a research note on Monday, February 26th. Scotiabank raised shares of HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price target on the stock in a research report on Tuesday, March 12th. StockNews.com upgraded HashiCorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Needham & Company LLC restated a “hold” rating on shares of HashiCorp in a research note on Thursday. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $29.69.

HashiCorp Stock Performance

Shares of HCP opened at $31.41 on Thursday. The stock has a 50 day simple moving average of $25.73 and a 200 day simple moving average of $23.30. HashiCorp has a 52-week low of $18.91 and a 52-week high of $36.39. The firm has a market capitalization of $6.27 billion, a PE ratio of -32.05 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate 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. Equities research analysts predict that HashiCorp will post -0.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total transaction of $783,425.28. Following the sale, the chief technology officer now directly owns 1,768,876 shares of the company’s stock, valued at $38,596,874.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Navam Welihinda sold 3,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total value of $83,520.00. Following the completion of the sale, the chief financial officer now directly owns 93,925 shares in the company, valued at $2,614,872. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total value of $783,425.28. Following the transaction, the chief technology officer now directly owns 1,768,876 shares in the company, valued at $38,596,874.32. The disclosure for this sale can be found here. Insiders sold a total of 263,077 shares of company stock valued at $6,597,742 in the last 90 days. Corporate insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in HashiCorp by 10.3% during the 4th quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after purchasing an additional 999,671 shares during the period. Optimus Prime Fund Management Co. Ltd. boosted its position in shares of HashiCorp by 50.0% during the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after purchasing an additional 949,100 shares in the last quarter. First Trust Advisors LP grew its stake in HashiCorp by 35.7% during the fourth quarter. First Trust Advisors LP now owns 2,722,097 shares of the company’s stock worth $64,350,000 after purchasing an additional 716,574 shares during the period. TimesSquare Capital Management LLC grew its stake in HashiCorp by 10.4% during the fourth quarter. TimesSquare Capital Management LLC now owns 2,697,746 shares of the company’s stock worth $63,775,000 after purchasing an additional 254,720 shares during the period. Finally, Federated Hermes Inc. increased its holdings in HashiCorp by 16.2% in the fourth quarter. Federated Hermes Inc. now owns 2,112,284 shares of the company’s stock worth $49,934,000 after purchasing an additional 294,484 shares in the last quarter. 87.83% of the stock is currently owned by 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.