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

StockNews.com began coverage on shares of HashiCorp (NASDAQ:HCP) in a research note published on Tuesday morning. The firm issued a hold rating on the stock.

Other research analysts have also issued reports about the company. Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target for the company. JMP Securities restated a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a report on Friday, August 30th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $32.08.

HashiCorp Stock Performance

HCP opened at $34.04 on Tuesday. The stock’s 50 day moving average price is $33.86 and its 200-day moving average price is $33.49. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of -45.39 and a beta of 1.24. HashiCorp has a one year low of $19.26 and a one year high of $34.13.

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

Insider Activity

In other news, CMO Marc Holmes sold 13,916 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $33.66, for a total transaction of $468,412.56. Following the completion of the sale, the chief marketing officer now owns 4,368 shares of the company’s stock, valued at $147,026.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $33.85, for a total value of $1,215,350.40. Following the sale, the chief technology officer now owns 1,520,000 shares in the company, valued at approximately $51,452,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $33.66, for a total value of $468,412.56. Following the transaction, the chief marketing officer now owns 4,368 shares of the company’s stock, valued at $147,026.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 385,125 shares of company stock worth $13,027,869 over the last 90 days. 22.49% of the stock is currently owned by company insiders.

Institutional Trading of HashiCorp

Several hedge funds have recently made changes to their positions in HCP. Quest Partners LLC lifted its holdings in HashiCorp by 64.8% during the 3rd quarter. Quest Partners LLC now owns 5,837 shares of the company’s stock worth $198,000 after buying an additional 2,296 shares in the last quarter. Swiss National Bank grew its stake in HashiCorp by 26.0% during the 3rd quarter. Swiss National Bank now owns 282,700 shares of the company’s stock worth $9,572,000 after purchasing an additional 58,300 shares in the last quarter. ING Groep NV grew its stake in HashiCorp by 851.2% during the 3rd quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock worth $56,587,000 after purchasing an additional 1,495,500 shares in the last quarter. KBC Group NV raised its position in HashiCorp by 25.8% in the 3rd quarter. KBC Group NV now owns 3,563 shares of the company’s stock valued at $121,000 after purchasing an additional 731 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in HashiCorp by 4.8% in the third quarter. Victory Capital Management Inc. now owns 19,090 shares of the company’s stock valued at $646,000 after acquiring an additional 873 shares in the last quarter. Institutional investors and hedge funds 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.