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

Equities researchers at StockNews.com started coverage on shares of HashiCorp (NASDAQ:HCP - Get Free Report) in a research report issued to clients and investors on Tuesday. The firm set a "hold" rating on the stock.

Several other research firms also recently weighed in on HCP. Piper Sandler reissued a "neutral" rating and set a $35.00 target price on shares of HashiCorp in a research report on Friday, August 30th. JMP Securities reissued a "market perform" rating on shares of HashiCorp in a research note on Monday. Finally, Citigroup assumed coverage on shares of HashiCorp in a report on Tuesday, September 3rd. They issued a "neutral" rating and a $35.00 target price for the company. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $32.08.

HashiCorp Trading Up 0.2 %

Shares of NASDAQ:HCP traded up $0.06 during midday trading on Tuesday, reaching $33.90. 2,494,026 shares of the company were exchanged, compared to its average volume of 2,937,507. The stock has a market cap of $6.93 billion, a PE ratio of -55.48 and a beta of 1.21. The business's fifty day moving average is $33.81 and its two-hundred day moving average is $33.74. HashiCorp has a one year low of $20.89 and a one year high of $34.21.

Insider Activity at HashiCorp

In related news, 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 transaction of $1,217,111.70. Following the sale, the chief technology officer now directly owns 1,520,000 shares of the company's stock, valued at approximately $51,528,000. This represents a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Marc Holmes sold 13,782 shares of the company's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $33.81, for a total transaction of $465,969.42. Following the completion of the transaction, the chief marketing officer now owns 8,754 shares of the company's stock, valued at approximately $295,972.74. This trade represents a 61.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 352,291 shares of company stock worth $11,912,497 over the last three months. Company insiders own 22.49% of the company's stock.

Institutional Trading of HashiCorp

Several institutional investors have recently modified their holdings of HCP. Pentwater Capital Management LP purchased a new position in HashiCorp in the 2nd quarter valued at $91,654,000. Magnetar Financial LLC acquired a new position in HashiCorp during the second quarter worth about $71,490,000. ING Groep NV grew its stake in HashiCorp by 851.2% during the 3rd quarter. ING Groep NV now owns 1,671,200 shares of the company's stock valued at $56,587,000 after acquiring an additional 1,495,500 shares in the last quarter. Alpine Associates Management Inc. acquired a new stake in HashiCorp in the 2nd quarter valued at about $48,541,000. Finally, Westchester Capital Management LLC lifted its stake in HashiCorp by 60.5% in the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company's stock worth $108,363,000 after purchasing an additional 1,206,073 shares in the last quarter. Institutional investors and hedge funds own 86.25% 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.