HashiCorp (NASDAQ:HCP) Sets New 1-Year High - Time to Buy?

Shares of HashiCorp, Inc. (NASDAQ:HCP - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $34.21 and last traded at $34.20, with a volume of 1124104 shares trading hands. The stock had previously closed at $34.08.

Wall Street Analyst Weigh In

Several equities research analysts have commented on HCP shares. Citigroup assumed coverage on HashiCorp in a report on Tuesday, September 3rd. They issued a "neutral" rating and a $35.00 target price on the stock. JMP Securities reiterated a "market perform" rating on shares of HashiCorp in a research note on Monday. Piper Sandler restated a "neutral" rating and set a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Finally, StockNews.com initiated coverage on shares of HashiCorp in a research note on Tuesday. They issued a "hold" rating on the stock. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, HashiCorp has a consensus rating of "Hold" and an average price target of $32.08.

HashiCorp Stock Up 0.4 %

The company has a market cap of $7.00 billion, a PE ratio of -56.10 and a beta of 1.21. The company's fifty day moving average is $33.82 and its 200-day moving average is $33.75.

Insider Activity at HashiCorp

In other HashiCorp news, CEO David Mcjannet sold 48,055 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $33.84, for a total value of $1,626,181.20. Following the transaction, the chief executive officer now directly owns 419,531 shares in the company, valued at approximately $14,196,929.04. This trade represents a 10.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,903 shares of the company's stock in a transaction on 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 sale, the chief technology officer now owns 1,520,000 shares of the company's stock, valued at $51,528,000. This trade represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 352,291 shares of company stock worth $11,912,497. 22.49% of the stock is owned by insiders.

Hedge Funds Weigh In On HashiCorp

Hedge funds have recently modified their holdings of the company. Longfellow Investment Management Co. LLC purchased a new stake in shares of HashiCorp during the third quarter worth about $38,000. American Capital Advisory LLC purchased a new stake in HashiCorp during the 2nd quarter valued at approximately $40,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in HashiCorp during the 3rd quarter valued at approximately $51,000. Quest Partners LLC raised its position in shares of HashiCorp by 9,736.1% during the second quarter. Quest Partners LLC now owns 3,541 shares of the company's stock valued at $119,000 after buying an additional 3,505 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of HashiCorp by 25.8% in the third quarter. KBC Group NV now owns 3,563 shares of the company's stock worth $121,000 after buying an additional 731 shares in the last quarter. 86.25% of the stock is currently owned by institutional investors.

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.