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

HashiCorp, Inc. (NASDAQ:HCP) reached a new 52-week high on Thursday . The stock traded as high as $34.21 and last traded at $34.20, with a volume of 1124104 shares trading hands. The stock had previously closed at $34.08.

Wall Street Analyst Weigh In

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

HashiCorp Price Performance

The stock has a market capitalization of $6.99 billion, a P/E ratio of -56.06 and a beta of 1.21. The stock’s fifty day moving average price is $33.81 and its 200 day moving average price is $33.75.

Insider Buying and Selling

In other HashiCorp news, insider Ledger Susan St. sold 22,232 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $752,330.88. Following the completion of the sale, the insider now directly owns 167,747 shares in the company, valued at approximately $5,676,558.48. This trade represents a 11.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David Mcjannet sold 48,055 shares of HashiCorp stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $1,626,181.20. Following the completion of the sale, the chief executive officer now owns 419,531 shares of the company’s stock, valued at $14,196,929.04. This trade represents a 10.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 352,291 shares of company stock valued at $11,912,497 over the last quarter. 22.49% of the stock is owned by corporate insiders.

Institutional Trading of HashiCorp

Several large investors have recently made changes to their positions in the business. Longfellow Investment Management Co. LLC purchased a new position in shares of HashiCorp during the 3rd quarter valued at about $38,000. American Capital Advisory LLC acquired a new position in shares of HashiCorp in the second quarter worth about $40,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of HashiCorp during the 3rd quarter worth about $51,000. Quest Partners LLC increased its position in shares of HashiCorp by 9,736.1% in the second quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock valued at $119,000 after buying an additional 3,505 shares in the last quarter. Finally, KBC Group NV increased its holdings in HashiCorp by 25.8% in the 3rd quarter. KBC Group NV now owns 3,563 shares of the company’s stock worth $121,000 after acquiring an additional 731 shares in the last quarter. 86.25% of the stock is owned by hedge funds and other institutional investors.

HashiCorp Company Profile

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.