BTIG Research Lowers HashiCorp (NASDAQ:HCP) to Neutral

BTIG Research lowered shares of HashiCorp (NASDAQ:HCP) from a buy rating to a neutral rating in a research note published on Wednesday, MarketBeat reports.

Several other equities research analysts also recently issued reports on the stock. Scotiabank upgraded shares of HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 target price for the company in a research note on Tuesday, March 12th. Bank of America raised their price objective on shares of HashiCorp from $24.00 to $28.00 and gave the stock a neutral rating in a research report on Wednesday, March 6th. Piper Sandler restated a neutral rating and set a $25.00 price objective (up from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. JMP Securities restated a market outperform rating and set a $38.00 price objective on shares of HashiCorp in a research report on Thursday, March 7th. Finally, KeyCorp initiated coverage on shares of HashiCorp in a research report on Tuesday, March 19th. They set a sector weight rating for the company. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, HashiCorp currently has a consensus rating of Hold and an average target price of $30.77.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $32.59 on Wednesday. The business has a 50-day moving average of $26.08 and a 200-day moving average of $23.44. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) 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 business had revenue of $155.78 million during the quarter, compared to the consensus estimate of $149.47 million. Research analysts anticipate that HashiCorp will post -0.8 EPS for the current fiscal year.

Insider Activity at HashiCorp

In related news, CEO David Mcjannet sold 33,331 shares of HashiCorp stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total value of $912,602.78. Following the transaction, the chief executive officer now directly owns 326,912 shares of the company’s stock, valued at $8,950,850.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO David Mcjannet sold 33,331 shares of HashiCorp stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total transaction of $912,602.78. Following the transaction, the chief executive officer now owns 326,912 shares in the company, valued at $8,950,850.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Navam Welihinda sold 3,000 shares of HashiCorp stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total transaction of $83,520.00. Following the transaction, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The disclosure for this sale can be found here. Insiders have sold 267,427 shares of company stock valued at $6,728,242 over the last three months. 26.13% of the stock is owned by insiders.

Hedge Funds Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Treasurer of the State of North Carolina lifted its holdings in HashiCorp by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,130 shares of the company’s stock valued at $1,020,000 after buying an additional 420 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in HashiCorp by 35.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after buying an additional 615 shares during the period. Xponance Inc. lifted its holdings in HashiCorp by 6.7% in the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after buying an additional 673 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in HashiCorp by 8.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,302 shares of the company’s stock valued at $281,000 after buying an additional 918 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in HashiCorp by 10.0% in the third quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after buying an additional 978 shares during the period. Institutional investors and hedge funds own 87.83% of the company’s stock.

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.