HashiCorp (NASDAQ:HCP) Reaches New 1-Year High at $34.06

Shares of HashiCorp, Inc. (NASDAQ:HCP) reached a new 52-week high during trading on Tuesday . The stock traded as high as $34.06 and last traded at $34.00, with a volume of 389570 shares trading hands. The stock had previously closed at $33.99.

Analysts Set New Price Targets

A number of analysts have recently weighed in on HCP shares. Citigroup began coverage on shares of HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective on the stock. StockNews.com assumed coverage on HashiCorp in a research report on Wednesday. They set a “hold” rating on the stock. Piper Sandler reissued a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a report on Friday, August 30th. Finally, JMP Securities restated a “market perform” rating on shares of HashiCorp in a research note on Monday. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, HashiCorp currently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Trading Up 0.1 %

The business has a 50-day moving average price of $33.72 and a 200-day moving average price of $31.57. The stock has a market cap of $6.82 billion, a PE ratio of -35.33 and a beta of 1.25.

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

Insider Buying and Selling

In related news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was 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 directly owns 1,520,000 shares in the company, valued at $51,132,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Armon Dadgar sold 35,904 shares of the business’s 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 transaction, the chief technology officer now directly owns 1,520,000 shares in the company, valued at $51,132,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Navam Welihinda sold 17,397 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $33.47, for a total transaction of $582,277.59. Following the sale, the chief financial officer now directly owns 95,485 shares of the company’s stock, valued at approximately $3,195,882.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 286,794 shares of company stock worth $9,650,892. Insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. raised its position in shares of HashiCorp by 298.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 397,124 shares of the company’s stock valued at $13,379,000 after buying an additional 297,341 shares during the period. Water Island Capital LLC purchased a new stake in HashiCorp in the second quarter valued at $37,762,000. Algert Global LLC lifted its stake in shares of HashiCorp by 13.6% in the 2nd 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. purchased a new position in shares of HashiCorp during the 2nd quarter worth $3,369,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of HashiCorp during the 2nd quarter worth about $5,384,000. Institutional investors and hedge funds 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.