StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

Research analysts at StockNews.com began coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Tuesday. The brokerage set a “hold” rating on the stock.

Other equities analysts also recently issued research reports about the stock. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 target price on the stock. Finally, Piper Sandler reissued a “neutral” rating and set a $35.00 price target on shares of HashiCorp in a research report on Friday, August 30th. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $32.08.

HashiCorp Stock Up 0.0 %

Shares of NASDAQ:HCP opened at $33.84 on Tuesday. The company has a market cap of $6.87 billion, a P/E ratio of -35.25 and a beta of 1.25. The business has a fifty day simple moving average of $33.75 and a 200-day simple moving average of $31.85. HashiCorp has a 52 week low of $18.91 and a 52 week high of $34.06.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The company had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.34) EPS. Sell-side analysts expect that HashiCorp will post -0.48 earnings per share for the current fiscal year.

Insider Activity at HashiCorp

In other news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $51,132,800. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Marc Holmes sold 13,916 shares of HashiCorp stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $33.46, for a total value of $465,629.36. Following the sale, the chief marketing officer now directly owns 4,368 shares in the company, valued at $146,153.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 404,041 shares of company stock worth $13,636,943. 22.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HashiCorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of HashiCorp by 2,195.0% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 968,500 shares of the company’s stock worth $32,629,000 after purchasing an additional 926,300 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in HashiCorp by 298.0% in the second 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 last quarter. Water Island Capital LLC bought a new stake in HashiCorp in the second quarter valued at about $37,762,000. Algert Global LLC raised its stake in HashiCorp by 13.6% during the second quarter. Algert Global LLC now owns 75,676 shares of the company’s stock valued at $2,550,000 after buying an additional 9,036 shares in the last quarter. Finally, Murchinson Ltd. bought a new position in HashiCorp during the 2nd quarter worth approximately $3,369,000. 87.83% of the stock is currently owned by hedge funds and other institutional investors.

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.