State Street Corp Buys 282,965 Shares of HashiCorp, Inc. (NASDAQ:HCP)

State Street Corp boosted its stake in HashiCorp, Inc. (NASDAQ:HCP) by 14.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,239,850 shares of the company’s stock after purchasing an additional 282,965 shares during the period. State Street Corp owned approximately 1.10% of HashiCorp worth $75,841,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Xponance Inc. increased its position in shares of HashiCorp by 3.1% during the 2nd quarter. Xponance Inc. now owns 10,271 shares of the company’s stock valued at $346,000 after purchasing an additional 305 shares during the last quarter. KBC Group NV increased its holdings in HashiCorp by 25.8% during the third quarter. KBC Group NV now owns 3,563 shares of the company’s stock valued at $121,000 after buying an additional 731 shares during the last quarter. Victory Capital Management Inc. raised its position in HashiCorp by 4.8% in the third quarter. Victory Capital Management Inc. now owns 19,090 shares of the company’s stock worth $646,000 after acquiring an additional 873 shares during the period. Arizona State Retirement System raised its position in HashiCorp by 3.5% in the second quarter. Arizona State Retirement System now owns 31,921 shares of the company’s stock worth $1,075,000 after acquiring an additional 1,065 shares during the period. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of HashiCorp during the 3rd quarter worth $38,000. 86.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at HashiCorp

In other news, CTO Armon Dadgar sold 22,779 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total value of $770,841.36. Following the sale, the chief technology officer now directly owns 44,934 shares in the company, valued at $1,520,566.56. The trade was a 33.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Marc Holmes sold 11,854 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $401,139.36. Following the completion of the transaction, the chief marketing officer now directly owns 22,536 shares of the company’s stock, valued at approximately $762,618.24. The trade was a 34.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,291 shares of company stock valued at $11,912,497. 22.49% of the stock is currently owned by insiders.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $33.90 on Wednesday. The company has a market cap of $6.93 billion, a P/E ratio of -55.57 and a beta of 1.21. HashiCorp, Inc. has a 52-week low of $20.89 and a 52-week high of $34.21. The firm’s fifty day moving average is $33.81 and its two-hundred day moving average is $33.75.

Analyst Upgrades and Downgrades

HCP has been the subject of several analyst reports. Citigroup began coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective for the company. JMP Securities restated a “market perform” rating on shares of HashiCorp in a research report on Monday. Piper Sandler reaffirmed a “neutral” rating and set a $35.00 price objective on shares of HashiCorp in a research report on Friday, August 30th. Finally, StockNews.com began coverage on shares of HashiCorp in a report on Tuesday. They issued a “hold” rating for the company. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $32.08.

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.