HashiCorp (NASDAQ:HCP) Raised to “Hold” at StockNews.com

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

HCP has been the topic of a number of other reports. Bank of America upped their target price on shares of HashiCorp from $24.00 to $28.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. TD Cowen upped their target price on shares of HashiCorp from $23.00 to $26.00 and gave the stock a market perform rating in a research note on Wednesday, March 6th. BTIG Research upped their target price on shares of HashiCorp from $25.00 to $27.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Morgan Stanley upgraded shares of HashiCorp from an equal weight rating to an overweight rating and upped their target price for the stock from $23.00 to $30.00 in a research note on Monday, February 26th. Finally, JMP Securities restated a market outperform rating and set a $38.00 target price on shares of HashiCorp in a research note on Thursday, March 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $29.08.

HashiCorp Price Performance

Shares of NASDAQ:HCP opened at $31.41 on Monday. The firm has a market capitalization of $6.27 billion, a PE ratio of -32.05 and a beta of 1.42. The firm’s 50-day moving average is $25.73 and its two-hundred day moving average is $23.30. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39.

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

Insider Activity

In other news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred on 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 directly owns 1,804,780 shares of the company’s stock, valued at $41,546,035.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred on 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 directly owns 1,804,780 shares of the company’s stock, valued at $41,546,035.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Navam Welihinda sold 2,500 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total value of $54,600.00. Following the sale, the chief financial officer now directly owns 62,844 shares of the company’s stock, valued at $1,372,512.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,077 shares of company stock valued at $6,597,742. 26.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On HashiCorp

Hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of HashiCorp during the third quarter worth $309,000. Qsemble Capital Management LP purchased a new position in HashiCorp in the third quarter worth $1,119,000. Artemis Investment Management LLP purchased a new position in HashiCorp in the fourth quarter worth $7,124,000. Vanguard Group Inc. raised its position in HashiCorp by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,723,000 shares of the company’s stock worth $221,976,000 after acquiring an additional 455,179 shares in the last quarter. Finally, Versor Investments LP purchased a new position in HashiCorp in the third quarter worth $491,000. 87.83% of the stock is owned by institutional investors and hedge funds.

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.