HashiCorp, Inc. (NASDAQ:HCP) Stake Trimmed by Elite Wealth Management Inc.

Elite Wealth Management Inc. decreased its position in shares of HashiCorp, Inc. (NASDAQ:HCP) by 7.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 463,617 shares of the company’s stock after selling 37,116 shares during the quarter. HashiCorp makes up 0.5% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 6th largest position. Elite Wealth Management Inc. owned approximately 0.23% of HashiCorp worth $15,619,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. American Capital Advisory LLC purchased a new position in HashiCorp during the second quarter worth about $40,000. Advisors Asset Management Inc. grew its holdings in shares of HashiCorp by 43.0% in the first quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock worth $86,000 after purchasing an additional 961 shares during the last quarter. Covestor Ltd increased its position in shares of HashiCorp by 12,888.9% in the first quarter. Covestor Ltd now owns 3,507 shares of the company’s stock valued at $95,000 after acquiring an additional 3,480 shares during the period. Quest Partners LLC increased its holdings in HashiCorp by 9,736.1% during the 2nd quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock valued at $119,000 after purchasing an additional 3,505 shares during the period. Finally, Vanguard Personalized Indexing Management LLC bought a new position in HashiCorp in the 2nd quarter worth $208,000. 87.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on HCP shares. Citigroup started coverage on shares of HashiCorp in a research report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 target price on the stock. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research note on Monday. Piper Sandler reiterated a “neutral” rating and set a $35.00 price objective on shares of HashiCorp in a research report on Friday, August 30th. Finally, StockNews.com assumed coverage on shares of HashiCorp in a research report on Wednesday. They issued a “hold” rating on the stock. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.08.

Insiders Place Their Bets

In related news, insider Ledger Susan St. sold 3,264 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $33.45, for a total transaction of $109,180.80. Following the transaction, the insider now directly owns 146,242 shares in the company, valued at approximately $4,891,794.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Ledger Susan St. sold 3,264 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $33.45, for a total transaction of $109,180.80. Following the sale, the insider now directly owns 146,242 shares of the company’s stock, valued at $4,891,794.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Navam Welihinda sold 5,000 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total value of $169,350.00. Following the completion of the transaction, the chief financial officer now directly owns 88,322 shares in the company, valued at $2,991,466.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 286,794 shares of company stock worth $9,650,892. 22.49% of the stock is owned by corporate insiders.

HashiCorp Stock Performance

Shares of HCP stock opened at $33.94 on Friday. The firm has a market capitalization of $6.82 billion, a P/E ratio of -35.35 and a beta of 1.25. HashiCorp, Inc. has a 52-week low of $18.91 and a 52-week high of $34.06. The stock has a 50 day moving average price of $33.73 and a 200 day moving average price of $31.59.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. The business had revenue of $165.14 million for the quarter, compared to the consensus estimate of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.34) EPS. As a group, sell-side analysts forecast that HashiCorp, Inc. will post -0.59 EPS for the current year.

HashiCorp 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.