HashiCorp (NASDAQ:HCP) PT Raised to $35.00 at Piper Sandler

HashiCorp (NASDAQ:HCP) had its price target increased by Piper Sandler from $25.00 to $35.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also issued reports on the company. Bank of America increased their price objective on HashiCorp from $28.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday, April 24th. Stifel Nicolaus increased their price objective on HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a report on Wednesday, March 6th. BTIG Research lowered HashiCorp from a buy rating to a neutral rating in a report on Wednesday, April 24th. KeyCorp assumed coverage on HashiCorp in a report on Tuesday, March 19th. They set a sector weight rating on the stock. Finally, Citigroup raised their target price on HashiCorp from $22.00 to $24.00 and gave the company a neutral rating in a report on Monday, January 22nd. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, HashiCorp currently has a consensus rating of Hold and a consensus target price of $30.77.

HashiCorp Trading Down 0.7 %

Shares of NASDAQ:HCP opened at $32.59 on Thursday. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39. The business has a fifty day simple moving average of $26.08 and a 200 day simple moving average of $23.46. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of -33.26 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 (EPS) for the quarter, topping 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 business had revenue of $155.78 million during the quarter, compared to analyst estimates of $149.47 million. On average, sell-side analysts forecast that HashiCorp will post -0.8 EPS for the current year.

Insider Activity

In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated 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 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 SEC, which is available at the SEC website. In related news, CEO David Mcjannet sold 33,331 shares of HashiCorp stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the sale, the chief executive officer now directly owns 326,912 shares of the company’s stock, valued at $8,950,850.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 value of $826,510.08. Following the sale, the chief technology officer now directly owns 1,804,780 shares in the company, valued at $41,546,035.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,427 shares of company stock valued at $6,728,242. 26.13% of the stock is owned by insiders.

Institutional Investors Weigh In On HashiCorp

A number of institutional investors have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC boosted its holdings in HashiCorp by 5.3% during the first quarter. Peregrine Capital Management LLC now owns 270,064 shares of the company’s stock valued at $7,278,000 after purchasing an additional 13,669 shares in the last quarter. Diversified Trust Co acquired a new stake in HashiCorp during the first quarter valued at approximately $416,000. Artemis Investment Management LLP boosted its holdings in HashiCorp by 416.0% during 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 in the last quarter. Renaissance Capital LLC boosted its holdings in HashiCorp by 3.0% during the first quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock valued at $1,724,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Vanguard Group Inc. boosted 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 in the last quarter. 87.83% of the stock is owned by institutional investors and hedge funds.

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.