HashiCorp (NASDAQ:HCP) Upgraded to Hold by StockNews.com

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

HCP has been the subject of several other research reports. Needham & Company LLC lifted their price objective on HashiCorp from $27.00 to $30.00 and gave the stock a buy rating in a report on Monday, March 4th. Oppenheimer reaffirmed an outperform rating and issued a $34.00 price objective on shares of HashiCorp in a report on Wednesday, March 6th. Morgan Stanley raised HashiCorp from an equal weight rating to an overweight rating and lifted their price objective for the stock from $23.00 to $30.00 in a report on Monday, February 26th. KeyCorp began coverage on HashiCorp in a report on Tuesday, March 19th. They issued a sector weight rating for the company. Finally, JMP Securities reiterated a market outperform rating and set a $38.00 target price on shares of HashiCorp in a research report on Thursday, March 7th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $28.77.

HashiCorp Trading Up 2.4 %

HashiCorp stock opened at $24.55 on Monday. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of -25.05 and a beta of 1.42. The stock has a fifty day simple moving average of $25.47 and a two-hundred day simple moving average of $23.20. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39.

HashiCorp (NASDAQ:HCP) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, topping 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 business had revenue of $155.78 million during the quarter, compared to analyst estimates of $149.47 million. On average, equities research analysts forecast that HashiCorp will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, CEO David Mcjannet sold 33,331 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was 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 in the company, valued at $8,950,850.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO David Mcjannet sold 33,331 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total value of $912,602.78. Following the sale, the chief executive officer now directly owns 326,912 shares in the company, valued at $8,950,850.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated 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 sale, the chief technology officer now 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 224,173 shares of company stock worth $5,641,396 over the last ninety days. Corporate insiders own 26.13% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

A number of hedge funds have recently made changes to their positions in HCP. Connor Clark & Lunn Investment Management Ltd. bought a new stake in HashiCorp during the third quarter worth approximately $309,000. Qsemble Capital Management LP bought a new position in shares of HashiCorp during the third quarter valued at approximately $1,119,000. Artemis Investment Management LLP bought a new position in shares of HashiCorp during the fourth quarter valued at approximately $7,124,000. Vanguard Group Inc. grew its stake in shares of HashiCorp by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,723,000 shares of the company’s stock valued at $221,976,000 after buying an additional 455,179 shares during the last quarter. Finally, Versor Investments LP bought a new position in shares of HashiCorp during the third quarter valued at approximately $491,000. 87.83% of the stock is currently owned by hedge funds and other 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.