BTIG Research Lowers HashiCorp (NASDAQ:HCP) to Neutral

HashiCorp (NASDAQ:HCP) was downgraded by stock analysts at BTIG Research from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Briefing.com reports.

Other analysts have also recently issued reports about the company. Needham & Company LLC upped their target price on HashiCorp from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, March 4th. Bank of America upped their target price on HashiCorp from $24.00 to $28.00 and gave the company a “neutral” rating in a report on Wednesday, March 6th. TD Cowen upped their target price on HashiCorp from $23.00 to $26.00 and gave the company a “market perform” rating in a report on Wednesday, March 6th. StockNews.com upgraded HashiCorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Morgan Stanley upgraded HashiCorp from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $23.00 to $30.00 in a report on Monday, February 26th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.77.

HashiCorp Stock Performance

NASDAQ HCP opened at $29.15 on Wednesday. The business has a fifty day moving average price of $25.59 and a 200 day moving average price of $23.25. The company has a market cap of $5.82 billion, a P/E ratio of -29.74 and a beta of 1.42. HashiCorp has a one year low of $18.91 and a one year high of $36.39.

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

Insider Activity at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total transaction of $783,425.28. Following the completion of the transaction, the chief technology officer now directly owns 1,768,876 shares in the company, valued at approximately $38,596,874.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other HashiCorp news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.39, for a total value of $490,144.05. Following the sale, the insider now owns 121,702 shares of the company’s stock, valued at approximately $3,333,417.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total value of $783,425.28. Following the completion of the sale, the chief technology officer now directly owns 1,768,876 shares in the company, valued at approximately $38,596,874.32. The disclosure for this sale can be found here. Insiders sold 224,173 shares of company stock worth $5,641,396 in the last three months. 26.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On HashiCorp

Hedge funds have recently bought and sold shares of the stock. Diversified Trust Co acquired a new stake in shares of HashiCorp during the 1st quarter worth about $416,000. Artemis Investment Management LLP raised its position in shares of 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 in the last quarter. Renaissance Capital LLC raised its position in shares of HashiCorp by 3.0% during 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 in the last quarter. Vanguard Group Inc. raised its position in shares of HashiCorp by 10.3% during 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 in the last quarter. Finally, University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of HashiCorp during the 4th quarter worth about $2,359,000. Institutional investors and hedge funds own 87.83% of the company’s stock.

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.