HashiCorp (NASDAQ:HCP) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of HashiCorp (NASDAQ:HCP) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

Other equities analysts have also recently issued reports about the company. Citigroup lifted their price objective on HashiCorp from $22.00 to $24.00 and gave the stock a neutral rating in a report on Monday, January 22nd. Piper Sandler reissued a neutral rating and issued a $25.00 price target (up from $22.00) on shares of HashiCorp in a report on Wednesday, March 6th. Scotiabank raised HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 price target for the company in a report on Tuesday, March 12th. Morgan Stanley raised HashiCorp from an equal weight rating to an overweight rating and lifted their price objective for the company from $23.00 to $30.00 in a research report on Monday, February 26th. Finally, Oppenheimer reaffirmed an outperform rating and issued a $34.00 price objective on shares of HashiCorp in a research report on Wednesday, March 6th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $30.77.

HashiCorp Price Performance

HCP opened at $32.82 on Monday. The business has a 50 day simple moving average of $25.90 and a 200-day simple moving average of $23.37. The stock has a market capitalization of $6.55 billion, a P/E ratio of -33.49 and a beta of 1.42. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39.

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

Insider Activity

In other news, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total transaction of $130,500.00. Following the completion of the transaction, the director now directly owns 37,991 shares of the company’s stock, valued at $1,139,730. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now directly owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sigal Zarmi sold 4,350 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total value of $130,500.00. Following the completion of the transaction, the director now directly owns 37,991 shares of the company’s stock, valued at $1,139,730. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,427 shares of company stock valued at $6,728,242. 26.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HashiCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HCP. TimesSquare Capital Management LLC bought a new position in HashiCorp during the 3rd quarter valued at $55,774,000. Atreides Management LP bought a new position in HashiCorp during the 3rd quarter valued at $31,413,000. Artemis Investment Management LLP lifted its position in shares of HashiCorp by 416.0% during the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after acquiring an additional 1,253,723 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 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 acquiring an additional 999,671 shares during the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. lifted 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 acquiring an additional 949,100 shares during the last quarter. 87.83% of the stock is owned by 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.