HashiCorp (NASDAQ:HCP) Shares Gap Up After Analyst Upgrade

HashiCorp, Inc. (NASDAQ:HCP) gapped up prior to trading on Thursday after Piper Sandler raised their price target on the stock from $25.00 to $35.00. The stock had previously closed at $31.41, but opened at $32.99. Piper Sandler currently has a neutral rating on the stock. HashiCorp shares last traded at $32.87, with a volume of 10,846,358 shares trading hands.

A number of other research analysts have also weighed in on the stock. Morgan Stanley raised shares of HashiCorp from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $23.00 to $30.00 in a research report on Monday, February 26th. BTIG Research lowered HashiCorp from a “buy” rating to a “neutral” rating in a report on Wednesday. Bank of America lifted their price target on HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday. Truist Financial reissued a “hold” rating and set a $35.00 target price (up previously from $27.00) on shares of HashiCorp in a report on Thursday. Finally, Scotiabank upgraded HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price target for the company in a research report on Tuesday, March 12th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.77.

Insider Buying and Selling at HashiCorp

In related news, CFO Navam Welihinda sold 3,000 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total transaction of $83,520.00. Following the sale, the chief financial officer now directly owns 93,925 shares of the company’s stock, valued at approximately $2,614,872. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ledger Susan St. sold 17,895 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total transaction of $490,144.05. Following the transaction, the insider now owns 121,702 shares of the company’s stock, valued at approximately $3,333,417.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Navam Welihinda sold 3,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total value of $83,520.00. Following the completion of the sale, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The disclosure for this sale can be found here. Insiders sold 263,077 shares of company stock valued at $6,597,742 in the last 90 days. Insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. TimesSquare Capital Management LLC acquired a new stake in HashiCorp during the third quarter valued at $55,774,000. Atreides Management LP purchased a new stake in shares of HashiCorp in the third quarter valued at approximately $31,413,000. Artemis Investment Management LLP increased its holdings in shares of HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after purchasing an additional 1,253,723 shares during the last quarter. Vanguard Group Inc. lifted its position in HashiCorp by 10.3% during the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after buying an additional 999,671 shares in the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. boosted its stake in HashiCorp by 50.0% during the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock worth $67,353,000 after buying an additional 949,100 shares during the last quarter. Hedge funds and other institutional investors own 87.83% of the company’s stock.

HashiCorp Trading Up 4.6 %

The company has a market capitalization of $6.56 billion, a PE ratio of -33.61 and a beta of 1.42. The company has a fifty day simple moving average of $25.73 and a 200-day simple moving average of $23.30.

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

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.