StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

Stock analysts at StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP) in a research report issued to clients and investors on Wednesday. The brokerage set a “hold” rating on the stock.

Several other brokerages have also recently issued reports on HCP. Piper Sandler reissued a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Finally, Citigroup initiated coverage on shares of HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective on the stock. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $32.08.

HashiCorp Price Performance

Shares of HashiCorp stock opened at $33.91 on Wednesday. The firm’s fifty day simple moving average is $33.85 and its 200-day simple moving average is $33.12. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of -35.32 and a beta of 1.25. HashiCorp has a 12 month low of $18.91 and a 12 month high of $34.06.

HashiCorp (NASDAQ:HCP) last announced its earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The business had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The company’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.34) EPS. Analysts anticipate that HashiCorp will post -0.48 earnings per share for the current year.

Insiders Place Their Bets

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $33.71, for a total transaction of $1,210,323.84. Following the sale, the chief technology officer now directly owns 1,520,000 shares in the company, valued at approximately $51,239,200. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CMO Marc Holmes sold 13,916 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $33.66, for a total value of $468,412.56. Following the sale, the chief marketing officer now directly owns 4,368 shares in the company, valued at $147,026.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $33.71, for a total transaction of $1,210,323.84. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,239,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 385,125 shares of company stock worth $13,022,483. Corporate insiders own 22.49% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Xponance Inc. boosted its position in shares of HashiCorp by 3.1% in the 2nd quarter. Xponance Inc. now owns 10,271 shares of the company’s stock worth $346,000 after buying an additional 305 shares in the last quarter. Comerica Bank lifted its holdings in HashiCorp by 2.1% in the 1st quarter. Comerica Bank now owns 18,432 shares of the company’s stock valued at $497,000 after purchasing an additional 374 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in HashiCorp by 43.0% in the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock valued at $86,000 after purchasing an additional 961 shares in the last quarter. Arizona State Retirement System lifted its holdings in HashiCorp by 3.5% in the 2nd quarter. Arizona State Retirement System now owns 31,921 shares of the company’s stock valued at $1,075,000 after purchasing an additional 1,065 shares in the last quarter. Finally, American Capital Advisory LLC purchased a new position in HashiCorp in the 2nd quarter valued at about $40,000. 87.83% of the stock is currently owned by hedge funds and other 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.