Advisors Asset Management Inc. Lowers Stock Holdings in HashiCorp, Inc. (NASDAQ:HCP)

Advisors Asset Management Inc. reduced its position in shares of HashiCorp, Inc. (NASDAQ:HCP) by 20.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,432 shares of the company’s stock after selling 624 shares during the period. Advisors Asset Management Inc.’s holdings in HashiCorp were worth $82,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Pentwater Capital Management LP bought a new position in shares of HashiCorp in the 2nd quarter worth $91,654,000. Alpine Associates Management Inc. grew its position in HashiCorp by 48.7% in the third quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock worth $72,533,000 after acquiring an additional 701,350 shares in the last quarter. Magnetar Financial LLC bought a new position in HashiCorp in the second quarter valued at $71,490,000. ING Groep NV raised its position in HashiCorp by 851.2% during the third quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock valued at $56,587,000 after purchasing an additional 1,495,500 shares in the last quarter. Finally, Water Island Capital LLC bought a new stake in HashiCorp during the second quarter worth about $37,762,000. 87.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HCP has been the subject of a number of recent research reports. JMP Securities restated a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. StockNews.com initiated coverage on shares of HashiCorp in a research note on Friday. They issued a “hold” rating for the company. Citigroup assumed coverage on HashiCorp in a research note on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Piper Sandler reissued a “neutral” rating and issued a $35.00 target price on shares of HashiCorp in a research note on Friday, August 30th. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, HashiCorp presently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Trading Up 0.1 %

Shares of HashiCorp stock opened at $33.62 on Friday. HashiCorp, Inc. has a 12 month low of $19.26 and a 12 month high of $34.21. The firm has a market capitalization of $6.82 billion, a P/E ratio of -44.83 and a beta of 1.24. The business has a fifty day simple moving average of $33.85 and a two-hundred day simple moving average of $33.71.

HashiCorp (NASDAQ:HCP) last released its earnings results on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. The firm had revenue of $165.14 million during the quarter, compared to analyst estimates of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The business’s revenue was up 15.3% on a year-over-year basis. During the same period last year, the business earned ($0.34) earnings per share. Analysts predict that HashiCorp, Inc. will post -0.48 earnings per share for the current year.

Insider Transactions at HashiCorp

In related news, CEO David Mcjannet sold 48,055 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $1,626,181.20. Following the sale, the chief executive officer now directly owns 419,531 shares of the company’s stock, valued at $14,196,929.04. This trade represents a 10.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Armon Dadgar sold 35,903 shares of HashiCorp stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $33.90, for a total value of $1,217,111.70. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at $51,528,000. The trade was a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,208 shares of company stock valued at $12,391,868 in the last quarter. 22.49% of the stock is owned by insiders.

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.