HashiCorp (NASDAQ:HCP) Downgraded by BTIG Research to Neutral

BTIG Research lowered shares of HashiCorp (NASDAQ:HCP) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat reports.

A number of other equities research analysts also recently issued reports on HCP. Morgan Stanley raised HashiCorp from an equal weight rating to an overweight rating and boosted their price target for the company from $23.00 to $30.00 in a research report on Monday, February 26th. Stifel Nicolaus increased their target price on shares of HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. KeyCorp assumed coverage on shares of HashiCorp in a report on Tuesday, March 19th. They issued a sector weight rating on the stock. StockNews.com upgraded shares of HashiCorp from a sell rating to a hold rating in a research note on Monday, April 22nd. Finally, Needham & Company LLC raised their target price on shares of HashiCorp from $27.00 to $30.00 and gave the company a buy rating in a research note on Monday, March 4th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $30.77.

HashiCorp Price Performance

NASDAQ HCP opened at $32.59 on Wednesday. The company has a market cap of $6.50 billion, a P/E ratio of -33.25 and a beta of 1.42. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39. The company has a 50-day moving average of $26.08 and a 200-day moving average of $23.45.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.06. The firm had revenue of $155.78 million during 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%. As a group, equities research analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insider Buying and Selling at HashiCorp

In other news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction of $826,510.08. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sigal Zarmi sold 4,350 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total transaction of $130,500.00. Following the transaction, the director now owns 37,991 shares in the company, valued at approximately $1,139,730. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,427 shares of company stock valued at $6,728,242. 26.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently modified their holdings of HCP. Nomura Asset Management Co. Ltd. raised its stake in shares of HashiCorp by 35.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after purchasing an additional 615 shares in the last quarter. Industry Ventures L.L.C. bought a new stake in HashiCorp in the fourth quarter valued at $157,000. Victory Capital Management Inc. boosted its stake in shares of HashiCorp by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after purchasing an additional 2,768 shares in the last quarter. Xponance Inc. raised its stake in shares of HashiCorp by 6.7% in the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after acquiring an additional 673 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in HashiCorp by 10.0% during the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after purchasing an additional 978 shares in the last quarter. Institutional investors and hedge funds 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.