HashiCorp (NASDAQ:HCP) Rating Reiterated by Scotiabank

HashiCorp (NASDAQ:HCP)‘s stock had its “sector perform” rating restated by Scotiabank in a report released on Thursday, Benzinga reports. They presently have a $35.00 price objective on the stock, up from their previous price objective of $31.00. Scotiabank’s price objective would indicate a potential upside of 7.39% from the stock’s current price.

Several other research firms have also issued reports on HCP. KeyCorp assumed coverage on shares of HashiCorp in a research report on Tuesday, March 19th. They set a “sector weight” rating on the stock. Citigroup boosted their target price on HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Monday, January 22nd. Bank of America raised their price target on shares of HashiCorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday. BTIG Research downgraded shares of HashiCorp from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, Stifel Nicolaus raised their target price on shares of HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.77.

HashiCorp Stock Performance

HCP opened at $32.59 on Thursday. HashiCorp has a 52-week low of $18.91 and a 52-week high of $36.39. The firm has a market cap of $6.50 billion, a P/E ratio of -33.25 and a beta of 1.42. The business’s fifty day moving average is $26.08 and its 200-day moving average is $23.44.

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

Insider Buying and Selling

In other news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total value of $826,510.08. Following the completion of the sale, the chief technology officer now owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction of $826,510.08. Following the completion of the sale, the chief technology officer now directly owns 1,804,780 shares of the company’s stock, valued at $41,546,035.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Navam Welihinda sold 5,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the chief financial officer now directly owns 62,844 shares in the company, valued at approximately $1,571,100. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,427 shares of company stock worth $6,728,242. 26.13% of the stock is owned by corporate insiders.

Institutional Trading of HashiCorp

A number of large investors have recently added to or reduced their stakes in HCP. TimesSquare Capital Management LLC purchased a new position in HashiCorp in the third quarter valued at about $55,774,000. Atreides Management LP bought a new stake in shares of HashiCorp in the 3rd quarter worth approximately $31,413,000. Artemis Investment Management LLP lifted its stake in HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after purchasing an additional 1,253,723 shares during the last quarter. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 999,671 shares during the period. Finally, Optimus Prime Fund Management Co. Ltd. increased its position 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 worth $67,353,000 after buying an additional 949,100 shares during the last quarter. Hedge funds and other institutional investors own 87.83% 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.