Franklin Resources Inc. Reduces Position in HashiCorp, Inc. (NASDAQ:HCP)

Franklin Resources Inc. cut its position in shares of HashiCorp, Inc. (NASDAQ:HCP - Free Report) by 88.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 108,830 shares of the company's stock after selling 797,404 shares during the period. Franklin Resources Inc. owned approximately 0.05% of HashiCorp worth $3,683,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in HCP. Xponance Inc. raised its position in shares of HashiCorp by 3.1% during the 2nd quarter. Xponance Inc. now owns 10,271 shares of the company's stock valued at $346,000 after buying an additional 305 shares in the last quarter. KBC Group NV increased its stake in HashiCorp by 25.8% during the third quarter. KBC Group NV now owns 3,563 shares of the company's stock worth $121,000 after acquiring an additional 731 shares during the last quarter. Victory Capital Management Inc. raised its position in HashiCorp by 4.8% during the third quarter. Victory Capital Management Inc. now owns 19,090 shares of the company's stock valued at $646,000 after purchasing an additional 873 shares during the period. Arizona State Retirement System lifted its stake in shares of HashiCorp by 3.5% in the 2nd quarter. Arizona State Retirement System now owns 31,921 shares of the company's stock valued at $1,075,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of HashiCorp in the 3rd quarter worth approximately $38,000. Hedge funds and other institutional investors own 86.25% of the company's stock.

HashiCorp Stock Performance

HCP remained flat at $34.24 during trading on Wednesday. 405,482 shares of the company's stock were exchanged, compared to its average volume of 2,951,310. The stock has a 50-day simple moving average of $33.84 and a two-hundred day simple moving average of $33.76. The company has a market capitalization of $7.00 billion, a P/E ratio of -56.13 and a beta of 1.21. HashiCorp, Inc. has a twelve month low of $20.89 and a twelve month high of $34.33.

Analysts Set New Price Targets

HCP has been the topic of a number of research analyst reports. Piper Sandler restated a "neutral" rating and issued a $35.00 target price on shares of HashiCorp in a research note on Friday, August 30th. StockNews.com initiated coverage on HashiCorp in a research note on Monday. They issued a "hold" rating on the stock. Citigroup began coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a "neutral" rating and a $35.00 target price for the company. Finally, JMP Securities reiterated a "market perform" rating on shares of HashiCorp in a report on Monday, December 16th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $32.08.

Insider Buying and Selling at HashiCorp

In other HashiCorp news, CTO Armon Dadgar sold 35,903 shares of HashiCorp stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $33.90, for a total value of $1,217,111.70. Following the completion of the transaction, the chief technology officer now directly owns 1,520,000 shares of the company's stock, valued at $51,528,000. The trade was a 2.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David Mcjannet sold 47,526 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the sale, the chief executive officer now directly owns 465,978 shares in the company, valued at $15,945,767.16. This represents a 9.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 227,044 shares of company stock worth $7,694,048 over the last quarter. 22.49% of the stock is currently owned by company insiders.

HashiCorp 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.