Franklin Resources Inc. Sells 797,404 Shares of HashiCorp, Inc. (NASDAQ:HCP)

Franklin Resources Inc. lessened its holdings in HashiCorp, Inc. (NASDAQ:HCP) by 88.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 108,830 shares of the company’s stock after selling 797,404 shares during the period. Franklin Resources Inc. owned 0.05% of HashiCorp worth $3,683,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in HashiCorp by 42.3% during the second quarter. Bank of New York Mellon Corp now owns 675,550 shares of the company’s stock worth $22,759,000 after acquiring an additional 200,837 shares during the last quarter. American Capital Advisory LLC bought a new stake in shares of HashiCorp in the second quarter valued at about $40,000. Maryland State Retirement & Pension System acquired a new stake in HashiCorp in the 2nd quarter worth about $247,000. Picton Mahoney Asset Management bought a new stake in HashiCorp in the 2nd quarter valued at about $32,330,000. Finally, Pentwater Capital Management LP acquired a new position in shares of HashiCorp during the 2nd quarter worth approximately $91,654,000. Institutional investors and hedge funds own 86.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HCP. StockNews.com started coverage on HashiCorp in a research note on Monday. They issued a “hold” rating for the company. Piper Sandler reissued a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a report on Friday, August 30th. JMP Securities restated a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. Finally, Citigroup started coverage on shares of HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $32.08.

HashiCorp Price Performance

Shares of NASDAQ:HCP opened at $34.24 on Wednesday. HashiCorp, Inc. has a one year low of $20.89 and a one year high of $34.33. The company has a market cap of $7.00 billion, a price-to-earnings ratio of -56.13 and a beta of 1.21. The firm has a 50 day simple moving average of $33.83 and a 200 day simple moving average of $33.76.

Insider Activity

In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $33.84, for a total value of $1,214,991.36. Following the completion of the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,436,800. This trade represents a 2.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Mcjannet sold 47,526 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 465,978 shares in the company, valued at $15,945,767.16. The trade was a 9.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 227,044 shares of company stock worth $7,694,048. Insiders own 22.49% of the company’s stock.

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.