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

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

A number of other research firms have also recently issued reports on HCP. Piper Sandler reissued a “neutral” rating and issued a $35.00 target price on shares of HashiCorp in a research note on Friday, August 30th. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Finally, Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target on the stock. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $32.08.

HashiCorp Price Performance

HCP opened at $33.92 on Wednesday. The stock’s fifty day moving average is $33.85 and its 200-day moving average is $33.27. HashiCorp has a one year low of $18.91 and a one year high of $34.06.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The business had revenue of $165.14 million for the quarter, compared to analyst estimates of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.34) EPS. As a group, equities research analysts predict that HashiCorp will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other HashiCorp news, CMO Marc Holmes sold 13,916 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $33.66, for a total transaction of $468,412.56. Following the completion of the sale, the chief marketing officer now directly owns 4,368 shares in the company, valued at approximately $147,026.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $33.85, for a total value of $1,215,350.40. Following the completion of the sale, the chief technology officer now directly owns 1,520,000 shares in the company, valued at $51,452,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $33.66, for a total transaction of $468,412.56. Following the completion of the transaction, the chief marketing officer now directly owns 4,368 shares in the company, valued at approximately $147,026.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 349,221 shares of company stock valued at $11,812,159 in the last three months. Insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of HashiCorp by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after buying an additional 1,501,953 shares in the last quarter. Whale Rock Capital Management LLC raised its holdings in shares of HashiCorp by 293.2% in the 1st quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company’s stock worth $123,046,000 after purchasing an additional 3,404,557 shares during the period. Jericho Capital Asset Management L.P. raised its holdings in shares of HashiCorp by 53.3% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,338,951 shares of the company’s stock worth $89,985,000 after purchasing an additional 1,161,600 shares during the period. Pentwater Capital Management LP bought a new stake in shares of HashiCorp in the 2nd quarter worth approximately $91,654,000. Finally, Magnetar Financial LLC bought a new stake in shares of HashiCorp in the 2nd quarter worth approximately $71,490,000. 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.