StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

StockNews.com started coverage on shares of HashiCorp (NASDAQ:HCP) in a research report released on Friday. The firm issued a hold rating on the stock.

Other analysts have also recently issued research reports about the stock. William Blair cut shares of HashiCorp from an outperform rating to a market perform rating in a report on Wednesday, April 24th. Scotiabank reaffirmed a sector perform rating and issued a $35.00 price objective (up previously from $31.00) on shares of HashiCorp in a report on Thursday, April 25th. Piper Sandler increased their price objective on shares of HashiCorp from $25.00 to $35.00 and gave the stock a neutral rating in a report on Thursday, April 25th. Needham & Company LLC reaffirmed a hold rating on shares of HashiCorp in a report on Thursday, April 25th. Finally, Truist Financial reaffirmed a hold rating and issued a $35.00 price objective (up previously from $27.00) on shares of HashiCorp in a report on Thursday, April 25th. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $31.17.

HashiCorp Price Performance

NASDAQ HCP opened at $33.58 on Friday. HashiCorp has a 12 month low of $18.91 and a 12 month high of $34.05. The company has a market capitalization of $6.75 billion, a price-to-earnings ratio of -34.98 and a beta of 1.25. The company’s fifty day moving average price is $33.56 and its two-hundred day moving average price is $28.89.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Thursday, May 30th. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.02. The company had revenue of $160.58 million for the quarter, compared to analysts’ expectations of $153.39 million. HashiCorp had a negative net margin of 31.13% and a negative return on equity of 14.27%. As a group, analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $32.72, for a total value of $1,174,778.88. Following the completion of the transaction, the chief technology officer now directly owns 1,589,356 shares in the company, valued at $52,003,728.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Navam Welihinda sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $33.34, for a total transaction of $166,700.00. Following the completion of the sale, the chief financial officer now directly owns 93,925 shares in the company, valued at $3,131,459.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $32.72, for a total transaction of $1,174,778.88. Following the sale, the chief technology officer now owns 1,589,356 shares of the company’s stock, valued at $52,003,728.32. The disclosure for this sale can be found here. Insiders sold a total of 392,820 shares of company stock worth $13,108,279 over the last ninety days. 22.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in HashiCorp by 14.0% during the first quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock valued at $329,454,000 after acquiring an additional 1,501,953 shares in the last quarter. Whale Rock Capital Management LLC raised its position in HashiCorp by 293.2% during the first quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company’s stock valued at $123,046,000 after acquiring an additional 3,404,557 shares in the last quarter. Jericho Capital Asset Management L.P. raised its position in HashiCorp by 53.3% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,338,951 shares of the company’s stock valued at $89,985,000 after acquiring an additional 1,161,600 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. raised its position in HashiCorp by 50.0% during the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after acquiring an additional 949,100 shares in the last quarter. Finally, First Trust Advisors LP raised its position in HashiCorp by 35.7% during the fourth quarter. First Trust Advisors LP now owns 2,722,097 shares of the company’s stock valued at $64,350,000 after acquiring an additional 716,574 shares in the last quarter. Institutional investors 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.