Principal Financial Group Inc. Acquires 3,399 Shares of HashiCorp, Inc. (NASDAQ:HCP)

Principal Financial Group Inc. lifted its holdings in shares of HashiCorp, Inc. (NASDAQ:HCP) by 41.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,516 shares of the company’s stock after purchasing an additional 3,399 shares during the period. Principal Financial Group Inc.’s holdings in HashiCorp were worth $390,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in HCP. Pentwater Capital Management LP bought a new stake in HashiCorp in the second quarter worth about $91,654,000. Magnetar Financial LLC purchased a new stake in shares of HashiCorp during the 2nd quarter worth approximately $71,490,000. Vanguard Group Inc. raised its holdings in shares of HashiCorp by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after purchasing an additional 1,501,953 shares during the period. Alpine Associates Management Inc. purchased a new position in HashiCorp in the second quarter valued at approximately $48,541,000. Finally, Water Island Capital LLC purchased a new position in HashiCorp in the second quarter valued at approximately $37,762,000. 87.83% of the stock is currently owned by institutional investors.

HashiCorp Stock Performance

Shares of NASDAQ:HCP opened at $33.92 on Monday. The business has a 50-day simple moving average of $33.87 and a two-hundred day simple moving average of $33.68. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of -45.23 and a beta of 1.24. HashiCorp, Inc. has a fifty-two week low of $19.26 and a fifty-two week high of $34.21.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. The company had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.34) earnings per share. As a group, research analysts predict that HashiCorp, Inc. will post -0.48 earnings per share for the current year.

Insider Buying and Selling at HashiCorp

In related news, insider Ledger Susan St. sold 22,232 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $752,330.88. Following the transaction, the insider now directly owns 167,747 shares of the company’s stock, valued at approximately $5,676,558.48. This trade represents a 11.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Monday, November 4th. The shares were sold at an average price of $33.86, for a total value of $1,215,709.44. Following the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,467,200. This trade represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 330,305 shares of company stock valued at $11,174,756. 22.49% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HCP. Citigroup initiated coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 target price on the stock. StockNews.com initiated coverage on HashiCorp in a research note on Saturday. They issued a “hold” rating on the stock. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $35.00 target price on shares of HashiCorp in a research note on Friday, August 30th. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $32.08.

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.