HashiCorp (NASDAQ:HCP) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Thursday morning, Benzinga reports.

Several other research analysts also recently issued reports on the stock. StockNews.com raised shares of HashiCorp from a sell rating to a hold rating in a research report on Monday, April 22nd. BTIG Research downgraded shares of HashiCorp from a buy rating to a neutral rating in a research report on Wednesday. Piper Sandler reissued a neutral rating and set a $25.00 price objective (up from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. Citigroup lifted their target price on shares of HashiCorp from $22.00 to $24.00 and gave the company a neutral rating in a report on Monday, January 22nd. Finally, Stifel Nicolaus lifted their target price on shares of HashiCorp from $26.00 to $28.00 and gave the company a buy rating in a report on Wednesday, March 6th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $30.77.

HashiCorp Price Performance

NASDAQ HCP opened at $32.59 on Thursday. The firm’s fifty day moving average price is $26.08 and its 200 day moving average price is $23.45. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of -33.25 and a beta of 1.42. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39.

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

Insider Activity at HashiCorp

In related news, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were 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 in the company, valued at $1,372,512.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total transaction of $54,600.00. Following the completion of the transaction, the chief financial officer now owns 62,844 shares in the company, valued at $1,372,512.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction of $826,510.08. Following the transaction, the chief technology officer now owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The disclosure for this sale can be found here. Insiders sold 267,427 shares of company stock worth $6,728,242 over the last 90 days. Company insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Peregrine Capital Management LLC raised its position in HashiCorp by 5.3% during the first quarter. Peregrine Capital Management LLC now owns 270,064 shares of the company’s stock worth $7,278,000 after acquiring an additional 13,669 shares during the last quarter. Diversified Trust Co acquired a new position in HashiCorp during the first quarter worth about $416,000. Artemis Investment Management LLP raised its position in shares of 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 buying an additional 1,253,723 shares during the last quarter. Renaissance Capital LLC raised its position in shares of HashiCorp by 3.0% in the first quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock valued at $1,724,000 after buying an additional 1,857 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of HashiCorp by 10.3% in 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. Institutional investors and hedge funds 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.