HashiCorp (NASDAQ:HCP) PT Raised to $32.00

HashiCorp (NASDAQ:HCP) had its target price upped by equities researchers at Bank of America from $28.00 to $32.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target would suggest a potential downside of 2.50% from the stock’s previous close.

HCP has been the subject of several other research reports. Oppenheimer reiterated an “outperform” rating and issued a $34.00 price objective on shares of HashiCorp in a research report on Wednesday, March 6th. BTIG Research downgraded HashiCorp from a “buy” rating to a “neutral” rating in a report on Wednesday. JMP Securities restated a “market outperform” rating and set a $38.00 target price on shares of HashiCorp in a report on Thursday, March 7th. Stifel Nicolaus upped their target price on HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Finally, Piper Sandler restated a “neutral” rating and set a $25.00 target price (up previously from $22.00) on shares of HashiCorp in a report on Wednesday, March 6th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.77.

HashiCorp Stock Performance

Shares of HCP stock opened at $32.82 on Wednesday. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39. The stock has a 50 day moving average price of $25.90 and a two-hundred day moving average price of $23.37. The company has a market capitalization of $6.55 billion, a P/E ratio of -33.49 and a beta of 1.42.

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

Insider Transactions at HashiCorp

In other news, Director Sigal Zarmi sold 4,350 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total value of $130,500.00. Following the sale, the director now directly owns 37,991 shares of the company’s stock, valued at $1,139,730. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Navam Welihinda sold 3,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total transaction of $83,520.00. Following the sale, the chief financial officer now directly owns 93,925 shares of the company’s stock, valued at $2,614,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sigal Zarmi sold 4,350 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total value of $130,500.00. Following the sale, the director now directly owns 37,991 shares in the company, valued at $1,139,730. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,427 shares of company stock valued at $6,728,242. Insiders own 26.13% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of HashiCorp by 10.3% during the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after buying an additional 999,671 shares during the last quarter. Optimus Prime Fund Management Co. Ltd. lifted its holdings in HashiCorp by 50.0% in the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after acquiring an additional 949,100 shares during the period. First Trust Advisors LP lifted its holdings in HashiCorp by 35.7% in the fourth quarter. First Trust Advisors LP now owns 2,722,097 shares of the company’s stock valued at $64,350,000 after acquiring an additional 716,574 shares during the period. TimesSquare Capital Management LLC lifted its holdings in HashiCorp by 10.4% in the fourth quarter. TimesSquare Capital Management LLC now owns 2,697,746 shares of the company’s stock valued at $63,775,000 after acquiring an additional 254,720 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in HashiCorp by 16.2% in the fourth quarter. Federated Hermes Inc. now owns 2,112,284 shares of the company’s stock valued at $49,934,000 after acquiring an additional 294,484 shares during the period. 87.83% of the stock is owned by hedge funds and other institutional investors.

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.