HashiCorp (NASDAQ:HCP) Sees Unusually-High Trading Volume – Still a Buy?

HashiCorp, Inc. (NASDAQ:HCP) saw strong trading volume on Wednesday . 4,500,009 shares changed hands during mid-day trading, an increase of 31% from the previous session’s volume of 3,447,709 shares.The stock last traded at $34.81 and had previously closed at $34.81.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. StockNews.com raised HashiCorp from a “hold” rating to a “buy” rating in a report on Monday, January 13th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, HashiCorp currently has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Trading Down 0.0 %

The company’s 50 day moving average price is $34.28 and its two-hundred day moving average price is $33.99. The firm has a market cap of $7.12 billion, a PE ratio of -57.06 and a beta of 1.18.

Insiders Place Their Bets

In other news, CTO Armon Dadgar sold 17,800 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $34.23, for a total value of $609,294.00. Following the completion of the transaction, the chief technology officer now owns 31,348 shares of the company’s stock, valued at $1,073,042.04. This represents a 36.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David Mcjannet sold 47,526 shares of HashiCorp stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $34.22, for a total value of $1,626,339.72. Following the sale, the chief executive officer now directly owns 465,978 shares in the company, valued at $15,945,767.16. This trade represents a 9.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,229 shares of company stock worth $3,441,256. Company insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Longfellow Investment Management Co. LLC purchased a new stake in HashiCorp during the third quarter valued at approximately $38,000. Blue Trust Inc. increased its position in HashiCorp by 331.2% during the fourth quarter. Blue Trust Inc. now owns 2,057 shares of the company’s stock valued at $70,000 after acquiring an additional 1,580 shares during the last quarter. KBC Group NV lifted its holdings in shares of HashiCorp by 25.8% in the 3rd quarter. KBC Group NV now owns 3,563 shares of the company’s stock worth $121,000 after acquiring an additional 731 shares during the last quarter. Sterling Capital Management LLC grew its holdings in HashiCorp by 16.9% during the 4th quarter. Sterling Capital Management LLC now owns 3,627 shares of the company’s stock valued at $124,000 after purchasing an additional 524 shares during the last quarter. Finally, Quest Partners LLC lifted its stake in HashiCorp by 64.8% in the third quarter. Quest Partners LLC now owns 5,837 shares of the company’s stock worth $198,000 after purchasing an additional 2,296 shares during the last quarter. 86.25% of the stock is owned by hedge funds and other 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.