StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

Equities research analysts at StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP) in a research report issued on Saturday. The brokerage set a “hold” rating on the stock.

Several other equities analysts also recently commented on the company. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. 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, 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 for the company. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Stock Up 0.2 %

NASDAQ:HCP opened at $33.92 on Friday. The company’s 50 day moving average is $33.87 and its 200-day moving average is $33.68. HashiCorp has a 12 month low of $19.26 and a 12 month high of $34.21. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of -45.23 and a beta of 1.24.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.08 earnings per share for the quarter. The company had revenue of $165.14 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.34) earnings per share. Research analysts predict that HashiCorp will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ledger Susan St. sold 22,232 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $752,330.88. Following the completion of the transaction, the insider now owns 167,747 shares of the company’s stock, valued at approximately $5,676,558.48. The trade was a 11.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $33.80, for a total transaction of $470,360.80. Following the completion of the transaction, the chief marketing officer now directly owns 4,368 shares of the company’s stock, valued at approximately $147,638.40. The trade was a 76.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 330,305 shares of company stock valued at $11,174,756. Company insiders own 22.49% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in HashiCorp by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock valued at $329,454,000 after acquiring an additional 1,501,953 shares in the last quarter. Jericho Capital Asset Management L.P. grew its stake in HashiCorp by 53.3% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,338,951 shares of the company’s stock worth $89,985,000 after purchasing an additional 1,161,600 shares during the period. Westchester Capital Management LLC raised its holdings in HashiCorp by 60.5% in the third quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock worth $108,363,000 after purchasing an additional 1,206,073 shares in the last quarter. Pentwater Capital Management LP purchased a new position in HashiCorp during the second quarter valued at $91,654,000. Finally, Geode Capital Management LLC boosted its holdings in shares of HashiCorp by 18.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company’s stock valued at $85,417,000 after buying an additional 385,118 shares in the last quarter. Institutional investors own 87.83% of the company’s stock.

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.