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

StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP - Get Free Report) in a report issued on Sunday. The brokerage set a "hold" rating on the stock.

Other equities analysts have also issued reports about the company. Citigroup assumed coverage on HashiCorp in a report on Tuesday, September 3rd. They set a "neutral" rating and a $35.00 price objective for the company. JMP Securities reiterated a "market perform" rating on shares of HashiCorp in a research note on Monday, September 16th. Finally, Piper Sandler restated a "neutral" rating and issued a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, HashiCorp has an average rating of "Hold" and an average target price of $32.08.

HashiCorp Price Performance

Shares of HCP stock traded down $0.16 on Friday, hitting $33.74. The stock had a trading volume of 1,830,974 shares, compared to its average volume of 1,411,389. The business has a 50 day moving average of $33.88 and a 200 day moving average of $33.64. HashiCorp has a 12-month low of $19.26 and a 12-month high of $34.21. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of -44.99 and a beta of 1.24.

HashiCorp (NASDAQ:HCP - Get Free Report) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The firm had revenue of $165.14 million during the quarter, compared to analyst estimates of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The company's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.34) EPS. As a group, research analysts expect that HashiCorp will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at HashiCorp

In other news, CMO Marc Holmes sold 13,782 shares of the firm's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $33.81, for a total value of $465,969.42. Following the transaction, the chief marketing officer now owns 8,754 shares of the company's stock, valued at $295,972.74. This trade represents a 61.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $33.85, for a total value of $1,215,350.40. Following the transaction, the chief technology officer now directly owns 1,520,000 shares in the company, valued at approximately $51,452,000. The trade was a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 371,209 shares of company stock worth $12,559,456 over the last three months. 22.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HashiCorp

Several large investors have recently added to or reduced their stakes in HCP. Whale Rock Capital Management LLC lifted its holdings in HashiCorp by 293.2% in the 1st quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company's stock worth $123,046,000 after purchasing an additional 3,404,557 shares in the last quarter. Pentwater Capital Management LP bought a new position in shares of HashiCorp during the second quarter worth $91,654,000. Magnetar Financial LLC purchased a new position in shares of HashiCorp during the second quarter valued at about $71,490,000. Champlain Investment Partners LLC purchased a new position in HashiCorp during the 1st quarter valued at approximately $48,995,000. Finally, Vanguard Group Inc. increased its stake in HashiCorp by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company's stock worth $329,454,000 after acquiring an additional 1,501,953 shares during the last quarter. Hedge funds and other institutional investors own 87.83% 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.