HashiCorp (NASDAQ:HCP) Rating Lowered to Sell at StockNews.com

StockNews.com lowered shares of HashiCorp (NASDAQ:HCP) from a hold rating to a sell rating in a research report released on Monday.

Other analysts have also issued reports about the company. Morgan Stanley raised HashiCorp from an equal weight rating to an overweight rating and boosted their target price for the company from $23.00 to $30.00 in a research report on Monday, February 26th. Piper Sandler restated a neutral rating and issued a $25.00 target price (up previously from $22.00) on shares of HashiCorp in a research note on Wednesday, March 6th. Scotiabank upgraded HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 target price on the stock in a research note on Tuesday, March 12th. Citigroup boosted their target price on HashiCorp from $22.00 to $24.00 and gave the stock a neutral rating in a research note on Monday, January 22nd. Finally, Bank of America upped their price objective on HashiCorp from $24.00 to $28.00 and gave the company a neutral rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $28.77.

HashiCorp Stock Down 0.2 %

Shares of NASDAQ:HCP opened at $26.95 on Monday. The firm has a market cap of $5.28 billion, a P/E ratio of -27.50 and a beta of 1.41. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39. The business has a fifty day simple moving average of $24.69 and a 200 day simple moving average of $23.04.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings data 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. 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 analyst estimates of $149.47 million. As a group, equities research analysts expect that HashiCorp will post -0.8 EPS for the current year.

Insider Buying and Selling at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s 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 completion of the sale, the chief technology officer now owns 1,768,876 shares of the company’s stock, valued at $38,596,874.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total value of $783,425.28. Following the sale, the chief technology officer now owns 1,768,876 shares in the company, valued at $38,596,874.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the completion of the sale, the chief executive officer now owns 326,912 shares in the company, valued at approximately $8,950,850.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 262,577 shares of company stock valued at $6,334,848. Corporate insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in HashiCorp during the first quarter valued at $33,000. Citigroup Inc. increased its holdings in shares of HashiCorp by 167.6% in the 4th quarter. Citigroup Inc. now owns 918 shares of the company’s stock worth $25,000 after buying an additional 575 shares during the last quarter. American International Group Inc. bought a new stake in HashiCorp during the second quarter worth approximately $38,000. Dark Forest Capital Management LP purchased a new stake in HashiCorp during the first quarter valued at approximately $50,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of HashiCorp by 82.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,692 shares of the company’s stock valued at $39,000 after purchasing an additional 766 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors.

HashiCorp Company Profile

HashiCorp, Inc provides multi-cloud infrastructure automation solutions worldwide. The company offers Terraform, an infrastructure provisioning product that applies an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; and Vault, a secrets management and data protection product, which enables security teams to apply policies based on application and user identity to govern access to credentials and secure sensitive data.