StockNews.com Upgrades HashiCorp (NASDAQ:HCP) to Hold

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

Several other research analysts have also recently commented on the stock. Bank of America increased their target price on shares of HashiCorp from $24.00 to $28.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. KeyCorp started coverage on shares of HashiCorp in a research report on Tuesday, March 19th. They issued a sector weight rating on the stock. Needham & Company LLC raised their price target on shares of HashiCorp from $27.00 to $30.00 and gave the stock a buy rating in a research report on Monday, March 4th. Stifel Nicolaus increased their price objective on shares of HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Finally, Piper Sandler reiterated a neutral rating and set a $25.00 price objective (up from $22.00) on shares of HashiCorp in a research note on Wednesday, March 6th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $28.77.

HashiCorp Stock Performance

Shares of NASDAQ:HCP opened at $23.97 on Tuesday. HashiCorp has a 52 week low of $18.91 and a 52 week high of $36.39. The company has a market capitalization of $4.78 billion, a PE ratio of -24.46 and a beta of 1.42. The company has a 50 day moving average price of $25.48 and a two-hundred day moving average price of $23.18.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.06. The company had revenue of $155.78 million during the quarter, compared to analysts’ expectations of $149.47 million. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. On average, sell-side analysts forecast that HashiCorp will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Marc Holmes sold 13,916 shares of HashiCorp stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $26.30, for a total value of $365,990.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $21.94, for a total transaction of $787,733.76. Following the transaction, the chief technology officer now directly owns 1,840,684 shares of the company’s stock, valued at approximately $40,384,606.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Marc Holmes sold 13,916 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $26.30, for a total transaction of $365,990.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 262,577 shares of company stock worth $6,484,004. 26.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Diversified Trust Co purchased a new stake in shares of HashiCorp in the first quarter worth about $416,000. Artemis Investment Management LLP lifted its position in HashiCorp by 416.0% during the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after buying an additional 1,253,723 shares during the period. Renaissance Capital LLC raised its position in shares of HashiCorp by 3.0% in the 1st quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock worth $1,724,000 after purchasing an additional 1,857 shares during the last quarter. Vanguard Group Inc. raised its position in shares of HashiCorp by 10.3% in the 4th quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after purchasing an additional 999,671 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in HashiCorp by 170.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 119,128 shares of the company’s stock worth $2,816,000 after buying an additional 75,027 shares during the last quarter. 87.83% of the stock is owned by hedge funds and other institutional investors.

HashiCorp Company Profile

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.