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

Research analysts at StockNews.com assumed coverage on shares of HashiCorp (NASDAQ:HCP) in a report released on Friday. The brokerage set a “hold” rating on the stock.

A number of other analysts have also recently commented on HCP. Piper Sandler reiterated a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a research report on Friday, August 30th. Citigroup initiated coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 target price on the stock. Finally, JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $32.08.

HashiCorp Price Performance

HashiCorp stock opened at $33.58 on Friday. The stock’s fifty day moving average is $33.85 and its two-hundred day moving average is $33.70. HashiCorp has a 1-year low of $19.26 and a 1-year high of $34.21. The stock has a market cap of $6.81 billion, a PE ratio of -44.77 and a beta of 1.24.

HashiCorp (NASDAQ:HCP) last posted its earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The business had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the previous year, the firm earned ($0.34) earnings per share. The business’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts expect that HashiCorp will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at HashiCorp

In related news, CMO Marc Holmes sold 11,854 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $401,139.36. Following the sale, the chief marketing officer now owns 22,536 shares in the company, valued at $762,618.24. This represents a 34.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ledger Susan St. sold 22,232 shares of the firm’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 value of $752,330.88. Following the completion of the transaction, the insider now directly owns 167,747 shares of the company’s stock, valued at $5,676,558.48. The trade was a 11.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 366,208 shares of company stock valued at $12,391,868. 22.49% of the stock is owned by corporate insiders.

Institutional Trading of HashiCorp

Several institutional investors and hedge funds have recently modified their holdings of HCP. Jacobs Levy Equity Management Inc. purchased a new position in shares of HashiCorp during the first quarter valued at approximately $1,070,000. New York Life Investment Management LLC acquired a new position in HashiCorp during the second quarter worth approximately $11,407,000. K2 Principal Fund L.P. acquired a new position in HashiCorp during the second quarter worth approximately $2,966,000. Alpine Associates Management Inc. increased its position in HashiCorp by 48.7% during the third quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock worth $72,533,000 after purchasing an additional 701,350 shares during the last quarter. Finally, Versor Investments LP increased its position in shares of HashiCorp by 518.9% in the third quarter. Versor Investments LP now owns 157,725 shares of the company’s stock worth $5,341,000 after acquiring an additional 132,239 shares in the last quarter. Hedge funds and other 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.