HashiCorp (NASDAQ:HCP) Now Covered by StockNews.com

StockNews.com started coverage on shares of HashiCorp (NASDAQ:HCP) in a research report sent to investors on Wednesday. The brokerage issued a hold rating on the stock.

Several other research firms also recently issued reports on HCP. Citigroup initiated coverage on HashiCorp in a research note on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target for the company. Piper Sandler restated a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a research report on Friday, August 30th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. 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.com, the company has a consensus rating of “Hold” and a consensus price target of $32.08.

HashiCorp Price Performance

NASDAQ HCP opened at $33.78 on Wednesday. The business has a 50 day moving average price of $33.82 and a 200 day moving average price of $33.74. The company has a market capitalization of $6.85 billion, a P/E ratio of -55.38 and a beta of 1.21. HashiCorp has a 1-year low of $20.89 and a 1-year high of $34.21.

Insider Activity at HashiCorp

In related news, CTO Armon Dadgar sold 35,903 shares of HashiCorp stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $33.58, for a total transaction of $1,205,622.74. Following the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at approximately $51,041,600. The trade was a 2.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ledger Susan St. sold 22,232 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $752,330.88. Following the sale, the insider now directly owns 167,747 shares of the company’s stock, valued at approximately $5,676,558.48. This trade represents a 11.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 352,291 shares of company stock worth $11,912,497. 22.49% of the stock is owned by insiders.

Institutional Investors Weigh In On HashiCorp

Large investors have recently modified their holdings of the stock. Westchester Capital Management LLC grew its holdings in HashiCorp by 60.5% during the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock valued at $108,363,000 after purchasing an additional 1,206,073 shares in the last quarter. Pentwater Capital Management LP acquired a new stake in shares of HashiCorp during the second quarter valued at about $91,654,000. Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 385,118 shares during the last quarter. State Street Corp lifted its stake in shares of HashiCorp by 14.5% in the third quarter. State Street Corp now owns 2,239,850 shares of the company’s stock worth $75,841,000 after acquiring an additional 282,965 shares in the last quarter. Finally, Alpine Associates Management Inc. boosted its holdings in HashiCorp by 48.7% in the third 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. Institutional investors and hedge funds own 86.25% 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.