HashiCorp (NASDAQ:HCP) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Wednesday. The firm issued a hold rating on the stock.

A number of other brokerages also recently weighed in on HCP. JMP Securities reiterated a market perform rating on shares of HashiCorp in a report on Monday. Piper Sandler reiterated a neutral rating and issued a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Finally, Citigroup assumed 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 assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $32.08.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $33.92 on Wednesday. HashiCorp has a 52-week low of $18.91 and a 52-week high of $34.06. The company’s 50 day moving average price is $33.72 and its 200-day moving average price is $31.57. The company has a market capitalization of $6.82 billion, a P/E ratio of -35.33 and a beta of 1.25.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The business had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. Analysts forecast that HashiCorp will post -0.59 earnings per share for the current year.

Insider Activity

In related news, CFO Navam Welihinda sold 5,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total value of $169,350.00. Following the completion of the sale, the chief financial officer now directly owns 88,322 shares of the company’s stock, valued at approximately $2,991,466.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Navam Welihinda sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total transaction of $169,350.00. Following the transaction, the chief financial officer now directly owns 88,322 shares in the company, valued at $2,991,466.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $33.64, for a total transaction of $1,207,810.56. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at approximately $51,132,800. The disclosure for this sale can be found here. Insiders have sold 286,794 shares of company stock worth $9,650,892 over the last 90 days. 22.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HCP. University of Texas Texas AM Investment Management Co. raised its position in HashiCorp by 298.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 397,124 shares of the company’s stock worth $13,379,000 after acquiring an additional 297,341 shares during the period. Water Island Capital LLC purchased a new position in HashiCorp in the second quarter valued at approximately $37,762,000. Algert Global LLC lifted its stake in HashiCorp by 13.6% in the second quarter. Algert Global LLC now owns 75,676 shares of the company’s stock valued at $2,550,000 after purchasing an additional 9,036 shares during the last quarter. Murchinson Ltd. bought a new position in HashiCorp during the second quarter valued at $3,369,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in HashiCorp in the second quarter worth $5,384,000. 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.