HashiCorp (NASDAQ:HCP) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of HashiCorp (NASDAQ:HCP) from a sell rating to a hold rating in a report released on Friday.

HCP has been the topic of a number of other research reports. BTIG Research lowered shares of HashiCorp from a buy rating to a neutral rating in a research note on Wednesday, April 24th. Morgan Stanley upgraded shares of HashiCorp from an equal weight rating to an overweight rating and upped their target price for the company from $23.00 to $30.00 in a research note on Monday, February 26th. Scotiabank reiterated a sector perform rating and set a $35.00 price objective (up previously from $31.00) on shares of HashiCorp in a research note on Thursday, April 25th. TD Cowen increased their price objective on shares of HashiCorp from $23.00 to $26.00 and gave the stock a market perform rating in a research note on Wednesday, March 6th. Finally, Oppenheimer reiterated an outperform rating and set a $34.00 price objective on shares of HashiCorp in a research note on Wednesday, March 6th. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $30.77.

HashiCorp Stock Performance

NASDAQ:HCP traded up $0.03 on Friday, reaching $32.85. The stock had a trading volume of 7,631,968 shares, compared to its average volume of 7,209,759. The company has a 50-day moving average of $27.09 and a 200 day moving average of $23.82. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. The business had revenue of $155.78 million for the quarter, compared to analyst estimates of $149.47 million. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. On average, research analysts expect that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Activity at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total value of $783,425.28. Following the completion of the sale, the chief technology officer now owns 1,768,876 shares in the company, valued at approximately $38,596,874.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total value of $783,425.28. Following the completion of the sale, the chief technology officer now owns 1,768,876 shares in the company, valued at approximately $38,596,874.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at approximately $1,571,100. The disclosure for this sale can be found here. In the last 90 days, insiders sold 231,523 shares of company stock worth $5,901,732. 26.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On HashiCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. lifted its position in HashiCorp by 35.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock worth $54,000 after buying an additional 615 shares in the last quarter. Industry Ventures L.L.C. purchased a new stake in HashiCorp in the 4th quarter worth approximately $157,000. Victory Capital Management Inc. lifted its position in HashiCorp by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after buying an additional 2,768 shares in the last quarter. Xponance Inc. lifted its position in HashiCorp by 6.7% in the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after buying an additional 673 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in HashiCorp by 10.0% in the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock worth $246,000 after buying an additional 978 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.