HashiCorp (NASDAQ:HCP) Upgraded by StockNews.com to Buy Rating

HashiCorp (NASDAQ:HCP) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Separately, JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. Eleven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $32.08.

HashiCorp Stock Down 0.1 %

Shares of NASDAQ:HCP traded down $0.03 during trading on Monday, hitting $34.28. 1,603,096 shares of the company were exchanged, compared to its average volume of 2,853,885. HashiCorp has a 1-year low of $20.89 and a 1-year high of $34.46. The company has a market capitalization of $7.01 billion, a P/E ratio of -56.20 and a beta of 1.18. The business’s 50 day moving average is $33.97 and its 200-day moving average is $33.83.

Insider Activity at HashiCorp

In other news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $33.82, for a total value of $1,214,273.28. Following the transaction, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at $51,406,400. The trade was a 2.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Mcjannet sold 47,526 shares of the firm’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 value of $1,626,339.72. Following the sale, the chief executive officer now directly owns 465,978 shares of the company’s stock, valued at $15,945,767.16. This represents a 9.26 % decrease in their position. 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.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. State Street Corp boosted its holdings in 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. Geode Capital Management LLC raised 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 purchasing an additional 385,118 shares during the period. K2 Principal Fund L.P. bought a new position in shares of HashiCorp in the 2nd quarter worth $2,966,000. Syquant Capital Sas acquired a new stake in HashiCorp in the 4th quarter valued at $18,554,000. Finally, Alpine Associates Management Inc. increased its stake in HashiCorp by 48.7% during 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 in 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.