HashiCorp (NASDAQ:HCP) Downgraded by BTIG Research to Neutral

BTIG Research cut shares of HashiCorp (NASDAQ:HCP) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports.

A number of other equities analysts also recently issued reports on HCP. Stifel Nicolaus raised their price objective on HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. KeyCorp began coverage on HashiCorp in a research report on Tuesday, March 19th. They set a sector weight rating for the company. Scotiabank upgraded HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 price objective for the company in a research report on Tuesday, March 12th. TD Cowen raised their price objective on HashiCorp from $23.00 to $26.00 and gave the stock a market perform rating in a research report on Wednesday, March 6th. Finally, Morgan Stanley raised HashiCorp from an equal weight rating to an overweight rating and raised their target price for the stock from $23.00 to $30.00 in a research note on Monday, February 26th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $29.08.

HashiCorp Trading Up 7.8 %

HashiCorp stock opened at $31.41 on Wednesday. The company has a market capitalization of $6.27 billion, a PE ratio of -32.05 and a beta of 1.42. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39. The stock has a 50-day moving average price of $25.73 and a two-hundred day moving average price of $23.30.

HashiCorp (NASDAQ:HCP) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.06. The firm had revenue of $155.78 million during the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. As a group, analysts predict that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at HashiCorp

In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total value of $54,600.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,372,512.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Ledger Susan St. sold 17,895 shares of HashiCorp stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total transaction of $490,144.05. Following the transaction, the insider now owns 121,702 shares of the company’s stock, valued at $3,333,417.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total value of $54,600.00. Following the transaction, the chief financial officer now directly owns 62,844 shares in the company, valued at approximately $1,372,512.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 263,077 shares of company stock valued at $6,597,742. Company insiders own 26.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of HCP. Nomura Asset Management Co. Ltd. boosted its position in shares of HashiCorp by 35.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after buying an additional 615 shares during the last quarter. Industry Ventures L.L.C. bought a new stake in HashiCorp during the fourth quarter worth $157,000. Victory Capital Management Inc. lifted its holdings in HashiCorp by 35.5% during the third quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after acquiring an additional 2,768 shares during the period. Xponance Inc. lifted its holdings in HashiCorp by 6.7% during the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after acquiring an additional 673 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in HashiCorp by 10.0% during the third quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock worth $246,000 after acquiring an additional 978 shares during the period. Hedge funds and other institutional investors own 87.83% 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.