HashiCorp, Inc. (NASDAQ:HCP) Receives $32.08 Consensus Price Target from Brokerages

Shares of HashiCorp, Inc. (NASDAQ:HCP) have received a consensus recommendation of “Hold” from the fourteen research firms that are currently covering the company, Marketbeat Ratings reports. Eleven equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $32.08.

Several analysts recently commented on HCP shares. StockNews.com began coverage on HashiCorp in a research note on Sunday, December 29th. They set a “hold” rating on the stock. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th.

Insider Activity

In other news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $33.86, for a total value of $1,215,709.44. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at approximately $51,467,200. The trade was a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Mcjannet sold 47,526 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the transaction, the chief executive officer now directly owns 465,978 shares in the company, valued at approximately $15,945,767.16. This represents a 9.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 208,940 shares of company stock worth $7,088,351 over the last ninety days. Insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westchester Capital Management LLC lifted its holdings in shares of HashiCorp by 60.5% during the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock worth $108,363,000 after acquiring an additional 1,206,073 shares during the period. Geode Capital Management LLC lifted its stake in HashiCorp by 18.0% during the third quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company’s stock worth $85,417,000 after purchasing an additional 385,118 shares during the last quarter. State Street Corp boosted its holdings in shares of HashiCorp by 14.5% in the 3rd quarter. State Street Corp now owns 2,239,850 shares of the company’s stock valued at $75,841,000 after purchasing an additional 282,965 shares in the last quarter. Alpine Associates Management Inc. increased its stake in shares of HashiCorp by 48.7% in the 3rd quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock valued at $72,533,000 after purchasing an additional 701,350 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of HashiCorp during the 2nd quarter worth $71,490,000. 86.25% of the stock is owned by institutional investors and hedge funds.

HashiCorp Stock Performance

HCP opened at $34.38 on Friday. HashiCorp has a twelve month low of $20.89 and a twelve month high of $34.39. The firm has a market cap of $7.03 billion, a PE ratio of -56.36 and a beta of 1.18. The firm’s fifty day moving average is $33.92 and its two-hundred day moving average is $33.79.

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.