HashiCorp (NASDAQ:HCP) Rating Reiterated by Scotiabank

HashiCorp (NASDAQ:HCP)‘s stock had its “sector perform” rating reaffirmed by Scotiabank in a report issued on Thursday, Benzinga reports. They presently have a $35.00 target price on the stock, up from their previous target price of $31.00. Scotiabank’s price target indicates a potential upside of 7.39% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Bank of America raised their price target on HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday. Oppenheimer reissued an “outperform” rating and set a $34.00 price objective on shares of HashiCorp in a research report on Wednesday, March 6th. KeyCorp began coverage on shares of HashiCorp in a research note on Tuesday, March 19th. They set a “sector weight” rating for the company. Morgan Stanley raised HashiCorp from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $23.00 to $30.00 in a research note on Monday, February 26th. Finally, BTIG Research downgraded HashiCorp from a “buy” rating to a “neutral” rating in a research note 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, the company presently has a consensus rating of “Hold” and a consensus price target of $30.77.

HashiCorp Price Performance

HashiCorp stock opened at $32.59 on Thursday. The stock’s fifty day moving average is $26.08 and its two-hundred day moving average is $23.44. The stock has a market cap of $6.50 billion, a PE ratio of -33.25 and a beta of 1.42. HashiCorp has a 1-year low of $18.91 and a 1-year high of $36.39.

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

Insider Transactions at HashiCorp

In other news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total transaction of $826,510.08. Following the transaction, the chief technology officer now directly owns 1,804,780 shares of the company’s stock, valued at $41,546,035.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other HashiCorp news, Director Sigal Zarmi sold 4,350 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total transaction of $130,500.00. Following the sale, the director now directly owns 37,991 shares of the company’s stock, valued at $1,139,730. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction 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 approximately $41,546,035.60. The disclosure for this sale can be found here. Insiders sold a total of 267,427 shares of company stock worth $6,728,242 in the last ninety days. Insiders own 26.13% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HCP. TimesSquare Capital Management LLC acquired a new stake in shares of HashiCorp in the 3rd quarter worth approximately $55,774,000. Atreides Management LP acquired a new stake in shares of HashiCorp in the third quarter worth $31,413,000. Artemis Investment Management LLP boosted its position in HashiCorp by 416.0% during the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock worth $41,891,000 after acquiring an additional 1,253,723 shares during the period. Vanguard Group Inc. grew its position in HashiCorp by 10.3% during the fourth 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 in the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. increased its stake 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 worth $67,353,000 after acquiring an additional 949,100 shares during 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.