HashiCorp (NASDAQ:HCP) Rating Lowered to Neutral at BTIG Research

BTIG Research downgraded shares of HashiCorp (NASDAQ:HCP) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat reports.

HCP has been the subject of a number of other research reports. Morgan Stanley upgraded HashiCorp from an equal weight rating to an overweight rating and upped their price target for the stock from $23.00 to $30.00 in a research report on Monday, February 26th. JMP Securities reaffirmed a market outperform rating and set a $38.00 price target on shares of HashiCorp in a report on Thursday, March 7th. StockNews.com raised shares of HashiCorp from a sell rating to a hold rating in a research note on Monday, April 22nd. TD Cowen lifted their target price on shares of HashiCorp from $23.00 to $26.00 and gave the company a market perform rating in a research note on Wednesday, March 6th. Finally, Needham & Company LLC upped their target price on shares of HashiCorp from $27.00 to $30.00 and gave the stock a buy rating in a report on Monday, March 4th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, HashiCorp presently has a consensus rating of Hold and a consensus price target of $30.77.

HashiCorp Stock Down 0.7 %

NASDAQ HCP opened at $32.59 on Wednesday. The company 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. The firm has a market capitalization of $6.50 billion, a P/E ratio of -33.25 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, topping the consensus estimate of ($0.21) by $0.06. The business had revenue of $155.78 million for the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. As a group, equities research analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insider Buying and Selling

In other news, CFO Navam Welihinda sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were 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 owns 93,925 shares in the company, valued at approximately $2,614,872. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total transaction of $783,425.28. Following the transaction, 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 filing with the SEC, which is accessible through this link. Also, CFO Navam Welihinda sold 3,000 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total transaction of $83,520.00. Following the sale, the chief financial officer now directly owns 93,925 shares of the company’s stock, valued at $2,614,872. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,427 shares of company stock worth $6,728,242. Corporate insiders own 26.13% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of HashiCorp by 10.3% in 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 period. Optimus Prime Fund Management Co. Ltd. increased its holdings in shares of HashiCorp by 50.0% in the fourth 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 during the period. First Trust Advisors LP raised its stake in shares of HashiCorp by 35.7% in 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 last quarter. TimesSquare Capital Management LLC lifted its holdings in shares of 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. boosted its position in HashiCorp by 16.2% in the fourth quarter. Federated Hermes Inc. now owns 2,112,284 shares of the company’s stock valued at $49,934,000 after buying an additional 294,484 shares during the last quarter. Hedge funds and other institutional investors 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.