HashiCorp (NASDAQ:HCP) Price Target Raised to $32.00 at Bank of America

HashiCorp (NASDAQ:HCP) had its target price lifted by Bank of America from $28.00 to $32.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. KeyCorp began coverage on HashiCorp in a report on Tuesday, March 19th. They issued a sector weight rating for the company. Needham & Company LLC lifted their price objective on HashiCorp from $27.00 to $30.00 and gave the stock a buy rating in a report on Monday, March 4th. JMP Securities reissued a market outperform rating and issued a $38.00 price objective on shares of HashiCorp in a report on Thursday, March 7th. Piper Sandler reaffirmed a neutral rating and set a $25.00 target price (up previously from $22.00) on shares of HashiCorp in a report on Wednesday, March 6th. Finally, StockNews.com raised HashiCorp from a sell rating to a hold rating in a report on Monday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, HashiCorp currently has an average rating of Moderate Buy and a consensus price target of $29.08.

HashiCorp Stock Up 7.8 %

Shares of HashiCorp stock opened at $31.41 on Wednesday. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39. The stock has a fifty day moving average price of $25.73 and a 200-day moving average price of $23.30.

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

Insiders Place Their Bets

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total value of $826,510.08. Following the completion of the sale, the chief technology officer now owns 1,804,780 shares of the company’s stock, valued at $41,546,035.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the transaction, the chief financial officer now owns 62,844 shares in the company, valued at $1,571,100. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total value of $826,510.08. Following the transaction, the chief technology officer now owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The disclosure for this sale can be found here. Insiders sold a total of 263,077 shares of company stock valued at $6,597,742 over the last quarter. 26.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On HashiCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in HashiCorp in the third quarter worth $309,000. Qsemble Capital Management LP bought a new position in HashiCorp in the third quarter worth $1,119,000. Artemis Investment Management LLP bought a new position in HashiCorp in the fourth quarter worth $7,124,000. Vanguard Group Inc. raised its holdings in HashiCorp by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,723,000 shares of the company’s stock worth $221,976,000 after purchasing an additional 455,179 shares in the last quarter. Finally, Versor Investments LP bought a new position in HashiCorp in the third quarter worth $491,000. Institutional investors own 87.83% of the company’s stock.

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.