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

Investment analysts at StockNews.com started coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued on Friday. The brokerage set a “hold” rating on the stock.

HCP has been the subject of a number of other reports. Citigroup assumed coverage on HashiCorp in a report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective for the company. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Finally, Piper Sandler reissued a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a research report on Friday, August 30th. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Stock Up 0.1 %

Shares of HCP stock opened at $33.62 on Friday. HashiCorp has a 12-month low of $19.26 and a 12-month high of $34.21. The firm has a fifty day moving average of $33.85 and a 200-day moving average of $33.71. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of -44.83 and a beta of 1.24.

HashiCorp (NASDAQ:HCP) last released its earnings results on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. The firm had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The company’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. On average, equities analysts expect that HashiCorp will post -0.48 EPS for the current year.

Insider Activity

In other news, CEO David Mcjannet sold 48,055 shares of HashiCorp stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $1,626,181.20. Following the completion of the transaction, the chief executive officer now directly owns 419,531 shares in the company, valued at approximately $14,196,929.04. The trade was a 10.28 % 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 35,903 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $33.90, for a total value of $1,217,111.70. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares in the company, valued at approximately $51,528,000. This trade represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,208 shares of company stock valued at $12,391,868 in the last quarter. Company insiders own 22.49% of the company’s stock.

Institutional Trading of HashiCorp

A number of hedge funds have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. bought a new position in shares of HashiCorp during the first quarter worth approximately $1,070,000. New York Life Investment Management LLC bought a new stake in shares of HashiCorp during the 2nd quarter valued at $11,407,000. K2 Principal Fund L.P. acquired a new stake in shares of HashiCorp during the 2nd quarter worth $2,966,000. Alpine Associates Management Inc. grew its holdings in shares of HashiCorp by 48.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock worth $72,533,000 after purchasing an additional 701,350 shares in the last quarter. Finally, Versor Investments LP increased its position in shares of HashiCorp by 518.9% in the third quarter. Versor Investments LP now owns 157,725 shares of the company’s stock worth $5,341,000 after purchasing an additional 132,239 shares during the period. 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.