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

Equities research analysts at StockNews.com started coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Monday. The brokerage set a “hold” rating on the stock.

A number of other analysts have also issued reports on HCP. JMP Securities restated a “market perform” rating on shares of HashiCorp in a research note on Monday, December 16th. Piper Sandler reissued a “neutral” rating and issued a $35.00 target price 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 set a “neutral” rating and a $35.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, HashiCorp presently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Price Performance

NASDAQ:HCP opened at $34.27 on Monday. The firm has a 50-day moving average of $33.82 and a two-hundred day moving average of $33.76. The stock has a market cap of $7.01 billion, a P/E ratio of -56.18 and a beta of 1.21. HashiCorp has a 1-year low of $20.89 and a 1-year high of $34.33.

Insider Buying and Selling

In related news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $33.84, for a total value of $1,214,991.36. Following the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at $51,436,800. The trade was a 2.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Marc Holmes sold 13,782 shares of HashiCorp stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $33.81, for a total transaction of $465,969.42. Following the completion of the transaction, the chief marketing officer now owns 8,754 shares of the company’s stock, valued at $295,972.74. This trade represents a 61.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 193,300 shares of company stock valued at $6,533,678. Company insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in HashiCorp by 41.9% in the 3rd quarter. Principal Financial Group Inc. now owns 11,516 shares of the company’s stock valued at $390,000 after buying an additional 3,399 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in HashiCorp in the 3rd quarter worth about $2,400,000. Geode Capital Management LLC lifted its position 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 acquiring an additional 385,118 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of HashiCorp by 39.7% in the third quarter. Public Employees Retirement System of Ohio now owns 51,231 shares of the company’s stock worth $1,735,000 after purchasing an additional 14,555 shares during the period. Finally, K2 Principal Fund L.P. increased its stake in HashiCorp by 34.0% in the third 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. 86.25% of the stock is owned by institutional investors.

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.