HashiCorp (NASDAQ:HCP) Coverage Initiated at StockNews.com

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

Several other equities research analysts have also issued reports on HCP. JMP Securities reissued a "market perform" rating on shares of HashiCorp in a report on Monday, December 16th. Citigroup started coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a "neutral" rating and a $35.00 price objective on the stock. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $32.08.

HashiCorp Stock Performance

Shares of NASDAQ:HCP traded up $0.01 on Friday, hitting $34.19. 1,111,323 shares of the company were exchanged, compared to its average volume of 2,938,309. The company's 50 day moving average price is $33.87 and its two-hundred day moving average price is $33.77. The firm has a market capitalization of $6.99 billion, a price-to-earnings ratio of -56.05 and a beta of 1.21. HashiCorp has a one year low of $20.89 and a one year high of $34.33.

Insider Buying and Selling

In other HashiCorp news, CEO David Mcjannet sold 47,526 shares of the company's stock in a transaction 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 sale, the chief executive officer now owns 465,978 shares in the company, valued at approximately $15,945,767.16. The trade was a 9.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the firm's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $33.82, for a total value of $1,214,273.28. Following the completion of the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,406,400. This represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,844 shares of company stock worth $8,303,342 in the last quarter. Insiders own 22.49% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of HCP. Principal Financial Group Inc. raised its stake in HashiCorp by 41.9% during the 3rd quarter. Principal Financial Group Inc. now owns 11,516 shares of the company's stock worth $390,000 after buying an additional 3,399 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of HashiCorp during the third quarter worth about $2,400,000. Geode Capital Management LLC raised its position in shares of HashiCorp by 18.0% during the third quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company's stock worth $85,417,000 after purchasing an additional 385,118 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of HashiCorp by 39.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 51,231 shares of the company's stock valued at $1,735,000 after purchasing an additional 14,555 shares in the last quarter. Finally, K2 Principal Fund L.P. grew its position in shares of HashiCorp by 34.0% in the 3rd quarter. K2 Principal Fund L.P. now owns 117,951 shares of the company's stock valued at $3,994,000 after purchasing an additional 29,901 shares during the period. 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.