HashiCorp (NASDAQ:HCP) Price Target Raised to $35.00 at Piper Sandler

HashiCorp (NASDAQ:HCP) had its target price raised by Piper Sandler from $25.00 to $35.00 in a research note released on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also weighed in on HCP. BTIG Research lowered HashiCorp from a buy rating to a neutral rating in a report on Wednesday. JMP Securities restated a market outperform rating and set a $38.00 target price on shares of HashiCorp in a report on Thursday, March 7th. Stifel Nicolaus upped their target price on HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a report on Wednesday, March 6th. KeyCorp assumed coverage on HashiCorp in a report on Tuesday, March 19th. They set a sector weight rating for the company. Finally, Bank of America upped their target price on HashiCorp from $28.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $30.77.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $32.59 on Thursday. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of -33.25 and a beta of 1.42. The stock has a 50 day moving average price of $26.08 and a 200 day moving average price of $23.45. HashiCorp has a 52-week low of $18.91 and a 52-week high of $36.39.

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

Insider Activity at HashiCorp

In related news, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 37,991 shares of the company’s stock, valued at approximately $1,139,730. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 37,991 shares of the company’s stock, valued at approximately $1,139,730. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were 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 in the company, valued at $41,546,035.60. The disclosure for this sale can be found here. Insiders have sold a total of 267,427 shares of company stock valued at $6,728,242 in the last ninety days. Company insiders own 26.13% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. grew its position in HashiCorp by 35.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock worth $54,000 after purchasing an additional 615 shares during the period. Industry Ventures L.L.C. acquired a new stake in HashiCorp during the 4th quarter worth about $157,000. Victory Capital Management Inc. grew its position in HashiCorp by 35.5% during the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after purchasing an additional 2,768 shares during the period. Xponance Inc. grew its position 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 purchasing an additional 673 shares during the period. Finally, Principal Financial Group Inc. grew its position in HashiCorp by 10.0% during the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock worth $246,000 after purchasing an additional 978 shares during the period. 87.83% of the stock is owned by institutional investors and hedge funds.

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.