HashiCorp (NASDAQ:HCP) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of HashiCorp (NASDAQ:HCP) in a report issued on Thursday, Benzinga reports.

Several other brokerages also recently weighed in on HCP. Morgan Stanley upgraded HashiCorp from an equal weight rating to an overweight rating and upped their price objective for the stock from $23.00 to $30.00 in a research report on Monday, February 26th. Scotiabank upgraded shares of HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 price target on the stock in a research note on Tuesday, March 12th. Bank of America upped their price objective on shares of HashiCorp from $28.00 to $32.00 and gave the stock a neutral rating in a research report on Wednesday. JMP Securities restated a market outperform rating and issued a $38.00 target price on shares of HashiCorp in a research report on Thursday, March 7th. Finally, KeyCorp began coverage on shares of HashiCorp in a report on Tuesday, March 19th. They set a sector weight rating for the company. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $30.77.

HashiCorp Trading Up 4.5 %

Shares of HashiCorp stock opened at $32.82 on Thursday. The firm’s 50-day moving average price is $25.90 and its two-hundred day moving average price is $23.37. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings data 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. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. The business had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. Equities research analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insider Transactions at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction 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 in the company, valued at $41,546,035.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated 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 transaction, the chief technology officer now directly owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Navam Welihinda sold 2,500 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total value of $54,600.00. Following the completion of the transaction, the chief financial officer now directly owns 62,844 shares in the company, valued at $1,372,512.96. The disclosure for this sale can be found here. Insiders sold a total of 267,427 shares of company stock worth $6,728,242 over the last three months. 26.13% of the stock is owned by company insiders.

Institutional Trading of HashiCorp

Several large investors have recently modified their holdings of HCP. TimesSquare Capital Management LLC bought a new position in HashiCorp during the third quarter worth $55,774,000. Atreides Management LP acquired a new position in shares of HashiCorp during the third quarter valued at about $31,413,000. Artemis Investment Management LLP raised its holdings in shares of 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 purchasing an additional 1,253,723 shares during the period. Vanguard Group Inc. boosted its position in shares of HashiCorp by 10.3% during 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 in the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. increased its position in HashiCorp by 50.0% in the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after buying an additional 949,100 shares in the last quarter. Institutional investors and hedge funds 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.