HashiCorp (NASDAQ:HCP) Sees Unusually-High Trading Volume – Should You Buy?

Shares of HashiCorp, Inc. (NASDAQ:HCP) saw strong trading volume on Wednesday . 4,500,009 shares changed hands during trading, an increase of 31% from the previous session’s volume of 3,447,709 shares.The stock last traded at $34.81 and had previously closed at $34.81.

Analyst Ratings Changes

HCP has been the subject of several research analyst reports. StockNews.com raised shares of HashiCorp from a “hold” rating to a “buy” rating in a research note on Monday, January 13th. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research note on Monday, December 16th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $32.08.

HashiCorp Price Performance

The stock has a market cap of $7.12 billion, a price-to-earnings ratio of -57.06 and a beta of 1.18. The firm has a fifty day moving average of $34.28 and a 200 day moving average of $33.99.

Insiders Place Their Bets

In other news, CTO Armon Dadgar sold 35,903 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $33.58, for a total value of $1,205,622.74. Following the transaction, the chief technology officer now directly owns 1,520,000 shares in the company, valued at approximately $51,041,600. This represents a 2.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Mcjannet sold 47,526 shares of HashiCorp stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the completion of the sale, the chief executive officer now owns 465,978 shares of the company’s stock, valued at $15,945,767.16. This trade represents a 9.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,229 shares of company stock valued at $3,441,256 in the last three months. 22.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HashiCorp

Several hedge funds have recently bought and sold shares of HCP. Amalgamated Bank raised its stake in shares of HashiCorp by 43.7% in the third quarter. Amalgamated Bank now owns 9,085 shares of the company’s stock valued at $308,000 after acquiring an additional 2,762 shares in the last quarter. Principal Financial Group Inc. grew its holdings in HashiCorp by 41.9% during the 3rd 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 in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of HashiCorp by 5.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,686 shares of the company’s stock valued at $1,987,000 after purchasing an additional 3,118 shares in the last quarter. Wolverine Asset Management LLC lifted its position in shares of HashiCorp by 27.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 103,118 shares of the company’s stock worth $3,492,000 after purchasing an additional 22,176 shares during the last quarter. Finally, Versor Investments LP increased its holdings in HashiCorp by 518.9% in the third quarter. Versor Investments LP now owns 157,725 shares of the company’s stock valued at $5,341,000 after buying an additional 132,239 shares during the last quarter. Institutional investors and hedge funds own 86.25% 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.