HashiCorp (NASDAQ:HCP) Reaches New 12-Month High - What's Next?

HashiCorp, Inc. (NASDAQ:HCP - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.47 and last traded at $34.46, with a volume of 313120 shares. The stock had previously closed at $34.37.

Wall Street Analysts Forecast Growth

HCP has been the subject of a number of research reports. JMP Securities reiterated a "market perform" rating on shares of HashiCorp in a research report on Monday, December 16th. StockNews.com raised shares of HashiCorp from a "hold" rating to a "buy" rating in a research note on Monday, January 13th. Eleven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $32.08.

HashiCorp Price Performance

The firm has a market capitalization of $7.05 billion, a P/E ratio of -56.56 and a beta of 1.18. The stock's fifty day simple moving average is $34.24 and its 200 day simple moving average is $33.96.

Insider Activity at HashiCorp

In related news, CEO David Mcjannet sold 47,526 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $34.22, for a total value of $1,626,339.72. Following the completion of the transaction, the chief executive officer now directly owns 465,978 shares of the company's stock, valued at $15,945,767.16. This trade represents a 9.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Armon Dadgar sold 17,800 shares of the business's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $34.23, for a total transaction of $609,294.00. Following the sale, the chief technology officer now directly owns 31,348 shares in the company, valued at approximately $1,073,042.04. This represents a 36.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,229 shares of company stock valued at $3,441,256 over the last 90 days. Insiders own 22.49% of the company's stock.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpine Global Management LLC purchased a new stake in shares of HashiCorp in the fourth quarter worth about $1,710,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in HashiCorp by 55.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 428,975 shares of the company's stock worth $14,675,000 after buying an additional 152,462 shares in the last quarter. Woodline Partners LP grew its position in HashiCorp by 50.0% during the fourth quarter. Woodline Partners LP now owns 1,500,001 shares of the company's stock valued at $51,315,000 after buying an additional 500,000 shares during the period. Tidal Investments LLC acquired a new stake in HashiCorp during the fourth quarter valued at $1,070,000. Finally, Twin Securities Inc. increased its holdings in HashiCorp by 292.0% in the fourth quarter. Twin Securities Inc. now owns 534,460 shares of the company's stock valued at $18,284,000 after buying an additional 398,104 shares in the last quarter. Hedge funds and other institutional investors own 86.25% of the company's stock.

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.