StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

StockNews.com began coverage on shares of HashiCorp (NASDAQ:HCP) in a research note published on Monday morning. The brokerage issued a hold rating on the stock.

Several other equities analysts have also weighed in on the stock. Citigroup started coverage on shares of HashiCorp in a report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective on the stock. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Finally, Piper Sandler restated a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a research report on Friday, August 30th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Trading Down 0.3 %

Shares of HashiCorp stock opened at $33.91 on Monday. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -45.21 and a beta of 1.24. The firm’s 50-day moving average price is $33.87 and its two-hundred day moving average price is $33.63. HashiCorp has a 1-year low of $19.26 and a 1-year high of $34.21.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.08 earnings per share for the quarter. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The firm had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter last year, the company posted ($0.34) EPS. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, equities research analysts predict that HashiCorp will post -0.48 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Navam Welihinda sold 5,000 shares of HashiCorp stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total transaction of $169,350.00. Following the completion of the transaction, the chief financial officer now directly owns 88,322 shares in the company, valued at approximately $2,991,466.14. The trade was a 5.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $33.85, for a total value of $1,215,350.40. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares in the company, valued at approximately $51,452,000. This trade represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 371,209 shares of company stock valued at $12,559,456. 22.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On HashiCorp

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC increased its holdings in shares of HashiCorp by 190.2% during the first quarter. SG Americas Securities LLC now owns 71,228 shares of the company’s stock worth $1,920,000 after purchasing an additional 46,684 shares during the period. Swiss National Bank raised its holdings in HashiCorp by 11.8% in the 1st quarter. Swiss National Bank now owns 221,600 shares of the company’s stock valued at $5,972,000 after acquiring an additional 23,400 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of HashiCorp during the 1st quarter valued at $311,000. Vanguard Group Inc. grew its holdings in shares of HashiCorp by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after purchasing an additional 1,501,953 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new position in shares of HashiCorp in the first quarter worth $457,000. Institutional investors 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.