HashiCorp, Inc. (NASDAQ:HCP) Given Average Rating of “Hold” by Brokerages

HashiCorp, Inc. (NASDAQ:HCP) has earned an average recommendation of “Hold” from the fourteen research firms that are covering the stock, MarketBeat.com reports. Eleven analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $32.08.

Several research analysts have recently commented on the stock. StockNews.com initiated coverage on shares of HashiCorp in a research note on Thursday. They issued a “hold” rating for the company. Citigroup started coverage on shares of HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective for the company. Piper Sandler reissued a “neutral” rating and set a $35.00 price objective on shares of HashiCorp in a report on Friday, August 30th. Finally, JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th.

HashiCorp Price Performance

Shares of HCP opened at $33.78 on Monday. The firm has a 50-day simple moving average of $33.83 and a two-hundred day simple moving average of $33.73. HashiCorp has a 1-year low of $19.26 and a 1-year high of $34.21. The stock has a market cap of $6.85 billion, a PE ratio of -55.38 and a beta of 1.21.

Insider Buying and Selling

In related news, CTO Armon Dadgar sold 35,903 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $33.90, for a total value of $1,217,111.70. Following the sale, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at approximately $51,528,000. This represents a 2.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Mcjannet sold 48,055 shares of HashiCorp stock in a transaction dated 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 transaction, the chief executive officer now owns 419,531 shares of the company’s stock, valued at approximately $14,196,929.04. The trade was a 10.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 366,207 shares of company stock valued at $12,382,858. Corporate insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management purchased a new stake in shares of HashiCorp during the third quarter worth about $2,400,000. Geode Capital Management LLC grew its stake in HashiCorp by 18.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company’s stock worth $85,417,000 after acquiring an additional 385,118 shares during the period. Public Employees Retirement System of Ohio grew its stake in HashiCorp by 39.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 51,231 shares of the company’s stock worth $1,735,000 after acquiring an additional 14,555 shares during the period. K2 Principal Fund L.P. raised its holdings in HashiCorp by 34.0% in the 3rd quarter. K2 Principal Fund L.P. now owns 117,951 shares of the company’s stock valued at $3,994,000 after acquiring an additional 29,901 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of HashiCorp by 14.5% during the 3rd quarter. State Street Corp now owns 2,239,850 shares of the company’s stock worth $75,841,000 after purchasing an additional 282,965 shares during the period. 87.83% of the stock is owned by institutional investors and hedge funds.

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.