HashiCorp (NASDAQ:HCP) Hits New 52-Week High - Here's Why

HashiCorp, Inc. (NASDAQ:HCP - Get Free Report) shares reached a new 52-week high on Friday . The company traded as high as $34.39 and last traded at $34.38, with a volume of 2306720 shares changing hands. The stock had previously closed at $34.17.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HCP. JMP Securities restated a "market perform" rating on shares of HashiCorp in a report on Monday, December 16th. StockNews.com initiated coverage on HashiCorp in a research note on Sunday, December 29th. They issued a "hold" rating for the company. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $32.08.

HashiCorp Stock Up 0.6 %

The business's 50 day simple moving average is $33.92 and its 200-day simple moving average is $33.79. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of -56.36 and a beta of 1.21.

Insider Activity at HashiCorp

In related news, CTO Armon Dadgar sold 17,800 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $34.23, for a total transaction of $609,294.00. Following the completion of the transaction, the chief technology officer now directly owns 31,348 shares in the company, valued at $1,073,042.04. This represents a 36.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction 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 approximately $15,945,767.16. The trade was a 9.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,940 shares of company stock valued at $7,088,351 over the last three months. 22.49% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Magnetar Financial LLC acquired a new position in HashiCorp during the 2nd quarter worth about $71,490,000. ING Groep NV raised its position in shares of HashiCorp by 851.2% during the third quarter. ING Groep NV now owns 1,671,200 shares of the company's stock worth $56,587,000 after acquiring an additional 1,495,500 shares during the last quarter. Alpine Associates Management Inc. acquired a new position in shares of HashiCorp in the second quarter worth approximately $48,541,000. Westchester Capital Management LLC boosted its holdings in HashiCorp by 60.5% in the third quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company's stock valued at $108,363,000 after acquiring an additional 1,206,073 shares during the last quarter. Finally, Water Island Capital LLC acquired a new stake in HashiCorp during the 2nd quarter valued at approximately $37,762,000. Institutional investors 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.