HashiCorp (NASDAQ:HCP) Shares Gap Up Following Analyst Upgrade

HashiCorp, Inc. (NASDAQ:HCP) shares gapped up before the market opened on Thursday after Piper Sandler raised their price target on the stock from $25.00 to $35.00. The stock had previously closed at $31.41, but opened at $32.99. Piper Sandler currently has a neutral rating on the stock. HashiCorp shares last traded at $32.87, with a volume of 10,846,358 shares changing hands.

A number of other equities analysts have also recently issued reports on HCP. KeyCorp initiated coverage on HashiCorp in a report on Tuesday, March 19th. They set a “sector weight” rating on the stock. JMP Securities restated a “market outperform” rating and issued a $38.00 target price on shares of HashiCorp in a research note on Thursday, March 7th. BTIG Research lowered HashiCorp from a “buy” rating to a “neutral” rating in a report on Wednesday. StockNews.com upgraded HashiCorp from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Finally, TD Cowen increased their price target on HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.77.

Insider Activity

In other news, Director Sigal Zarmi sold 4,350 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 37,991 shares in the company, valued at $1,139,730. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Sigal Zarmi sold 4,350 shares of HashiCorp stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total transaction of $130,500.00. Following the sale, the director now directly owns 37,991 shares in the company, valued at $1,139,730. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total value of $826,510.08. Following the sale, the chief technology officer now owns 1,804,780 shares in the company, valued at $41,546,035.60. The disclosure for this sale can be found here. Insiders have sold 267,427 shares of company stock worth $6,728,242 over the last 90 days. 26.13% of the stock is currently owned by corporate insiders.

Institutional Trading of HashiCorp

Hedge funds have recently bought and sold shares of the business. TimesSquare Capital Management LLC purchased a new stake in HashiCorp in the third quarter worth $55,774,000. Atreides Management LP purchased a new stake in HashiCorp in the third quarter worth $31,413,000. Artemis Investment Management LLP increased its position in HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock worth $41,891,000 after buying an additional 1,253,723 shares during the last quarter. Vanguard Group Inc. increased its position in HashiCorp by 10.3% in the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after buying an additional 999,671 shares during the last quarter. 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. 87.83% of the stock is currently owned by institutional investors.

HashiCorp Stock Down 0.7 %

The firm has a market capitalization of $6.50 billion, a PE ratio of -33.25 and a beta of 1.42. The stock has a 50-day simple moving average of $26.08 and a 200-day simple moving average of $23.44.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings results 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. The company had revenue of $155.78 million during the quarter, compared to analysts’ expectations of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. Equities analysts forecast that HashiCorp, Inc. will post -0.8 earnings per share for the current fiscal year.

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.