HashiCorp (NASDAQ:HCP) Reaches New 1-Year High – Should You Buy?

HashiCorp, Inc. (NASDAQ:HCP) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.46 and last traded at $34.33, with a volume of 4553255 shares traded. The stock had previously closed at $34.32.

Analyst Upgrades and Downgrades

HCP has been the subject of several analyst reports. StockNews.com assumed coverage on HashiCorp in a report on Sunday, December 29th. They issued a “hold” rating for the company. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Trading Up 0.0 %

The stock has a market cap of $7.02 billion, a PE ratio of -56.28 and a beta of 1.18. The company’s 50 day moving average is $33.94 and its 200-day moving average is $33.81.

Insider Transactions at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $33.86, for a total transaction of $1,215,709.44. Following the transaction, the chief technology officer now directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Mcjannet sold 47,526 shares of HashiCorp stock in a transaction on Friday, December 20th. The stock was sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the completion of the transaction, the chief executive officer now directly owns 465,978 shares of the company’s stock, valued at approximately $15,945,767.16. This represents a 9.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 208,940 shares of company stock valued at $7,088,351. 22.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in HashiCorp by 41.9% during the third quarter. Principal Financial Group Inc. now owns 11,516 shares of the company’s stock worth $390,000 after acquiring an additional 3,399 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of HashiCorp during the 3rd quarter worth approximately $2,400,000. Geode Capital Management LLC raised its position in shares of HashiCorp by 18.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company’s stock worth $85,417,000 after purchasing an additional 385,118 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of HashiCorp by 39.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 51,231 shares of the company’s stock worth $1,735,000 after purchasing an additional 14,555 shares during the last quarter. Finally, K2 Principal Fund L.P. boosted its position in HashiCorp by 34.0% during the 3rd quarter. K2 Principal Fund L.P. now owns 117,951 shares of the company’s stock valued at $3,994,000 after purchasing an additional 29,901 shares during the period. 86.25% of the stock is currently owned by institutional investors.

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.