HashiCorp, Inc. (NASDAQ:HCP) Short Interest Up 6.8% in March

HashiCorp, Inc. (NASDAQ:HCP) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 6,900,000 shares, an increase of 6.8% from the March 15th total of 6,460,000 shares. Based on an average daily volume of 2,400,000 shares, the short-interest ratio is presently 2.9 days. Currently, 6.2% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities analysts recently weighed in on HCP shares. Oppenheimer restated an “outperform” rating and set a $34.00 target price on shares of HashiCorp in a report on Wednesday, March 6th. Morgan Stanley upgraded shares of HashiCorp from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $23.00 to $30.00 in a report on Monday, February 26th. JMP Securities reiterated a “market outperform” rating and issued a $38.00 price objective on shares of HashiCorp in a report on Thursday, March 7th. Piper Sandler reiterated a “neutral” rating and issued a $25.00 price objective (up previously from $22.00) on shares of HashiCorp in a report on Wednesday, March 6th. Finally, Scotiabank upgraded shares of HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price objective on the stock in a report on Tuesday, March 12th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.77.

Insider Activity at HashiCorp

In other news, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $21.95, for a total transaction of $54,875.00. Following the completion of the sale, the chief financial officer now directly owns 62,844 shares in the company, valued at approximately $1,379,425.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $21.95, for a total transaction of $54,875.00. Following the completion of the transaction, the chief financial officer now directly owns 62,844 shares of the company’s stock, valued at approximately $1,379,425.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ledger Susan St. sold 17,895 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total transaction of $490,144.05. Following the transaction, the insider now directly owns 121,702 shares of the company’s stock, valued at $3,333,417.78. The disclosure for this sale can be found here. Insiders sold a total of 262,577 shares of company stock worth $6,484,004 over the last 90 days. Company insiders own 26.13% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Artemis Investment Management LLP grew its position in HashiCorp by 416.0% in the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock worth $41,891,000 after purchasing an additional 1,253,723 shares during the last quarter. Renaissance Capital LLC lifted its stake in shares of HashiCorp by 3.0% in the 1st quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock worth $1,724,000 after acquiring an additional 1,857 shares during the period. Vanguard Group Inc. lifted its stake 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 worth $253,484,000 after acquiring an additional 999,671 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of HashiCorp by 170.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 119,128 shares of the company’s stock worth $2,816,000 after acquiring an additional 75,027 shares during the period. Finally, University of Texas Texas AM Investment Managment Co. acquired a new stake in HashiCorp during the fourth quarter valued at approximately $2,359,000. Institutional investors own 87.83% of the company’s stock.

HashiCorp Price Performance

Shares of NASDAQ:HCP traded up $0.11 during trading on Wednesday, reaching $23.77. 342,830 shares of the company’s stock traded hands, compared to its average volume of 2,303,763. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39. The company has a 50 day moving average of $25.49 and a 200-day moving average of $23.17. The stock has a market capitalization of $4.74 billion, a P/E ratio of -24.14 and a beta of 1.42.

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

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.