HashiCorp (NASDAQ:HCP) Hits New 1-Year High – Should You Buy?

HashiCorp, Inc. (NASDAQ:HCP) reached a new 52-week high during trading on Wednesday . The company traded as high as $34.47 and last traded at $34.43, with a volume of 184124 shares. The stock had previously closed at $34.37.

Analyst Upgrades and Downgrades

HCP has been the topic of a number of research analyst reports. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a report on Monday, December 16th. StockNews.com raised shares of HashiCorp from a “hold” rating to a “buy” rating in a report on Monday. Eleven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Stock Performance

The firm’s 50 day moving average is $33.99 and its 200 day moving average is $33.84.

Insider Buying and Selling

In other news, CEO David Mcjannet sold 47,526 shares of the business’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 completion of the transaction, the chief executive officer now owns 465,978 shares of the company’s stock, valued at approximately $15,945,767.16. The trade was a 9.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Armon Dadgar sold 17,800 shares of HashiCorp stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $34.23, for a total transaction of $609,294.00. Following the sale, the chief technology officer now owns 31,348 shares of the company’s stock, valued at approximately $1,073,042.04. The trade was a 36.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 208,940 shares of company stock worth $7,088,351. Corporate insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HCP. Magnetar Financial LLC bought a new stake in HashiCorp during the second quarter worth about $71,490,000. ING Groep NV lifted its position in HashiCorp by 851.2% in the 3rd quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock worth $56,587,000 after buying an additional 1,495,500 shares during the last quarter. Westchester Capital Management LLC boosted its stake in HashiCorp by 60.5% in the third quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock worth $108,363,000 after buying an additional 1,206,073 shares in the last quarter. Water Island Capital LLC bought a new position in HashiCorp during the second quarter valued at approximately $37,762,000. Finally, Slotnik Capital LLC purchased a new position in shares of HashiCorp during the second quarter worth approximately $34,447,000. Institutional investors own 86.25% 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.