Verition Fund Management LLC Takes $13.43 Million Position in HashiCorp, Inc. (NASDAQ:HCP)

Verition Fund Management LLC acquired a new position in shares of HashiCorp, Inc. (NASDAQ:HCP - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 396,533 shares of the company's stock, valued at approximately $13,427,000. Verition Fund Management LLC owned 0.20% of HashiCorp as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in HCP. Pentwater Capital Management LP acquired a new stake in shares of HashiCorp in the second quarter valued at approximately $91,654,000. Magnetar Financial LLC acquired a new stake in HashiCorp in the 2nd quarter valued at approximately $71,490,000. ING Groep NV raised 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 position in HashiCorp during the 2nd quarter worth $48,541,000. Finally, Water Island Capital LLC bought a new position in shares of HashiCorp in the second quarter worth $37,762,000. Institutional investors own 87.83% of the company's stock.

Insider Buying and Selling

In other news, insider Ledger Susan St. sold 22,232 shares of the company's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $752,330.88. Following the transaction, the insider now owns 167,747 shares in the company, valued at $5,676,558.48. This represents a 11.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Armon Dadgar sold 35,903 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $33.90, for a total transaction of $1,217,111.70. Following the completion of the sale, the chief technology officer now directly owns 1,520,000 shares of the company's stock, valued at $51,528,000. This trade represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 366,208 shares of company stock valued at $12,391,868. Company insiders own 22.49% of the company's stock.

HashiCorp Stock Performance

HCP traded up $0.04 during trading on Friday, reaching $33.62. The company had a trading volume of 589,286 shares, compared to its average volume of 2,974,548. The firm's 50-day simple moving average is $33.85 and its 200 day simple moving average is $33.71. The company has a market cap of $6.82 billion, a price-to-earnings ratio of -44.83 and a beta of 1.24. HashiCorp, Inc. has a 12-month low of $19.26 and a 12-month high of $34.21.

HashiCorp (NASDAQ:HCP - Get Free Report) last announced its earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The company had revenue of $165.14 million during the quarter, compared to analysts' expectations of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The business's revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share. On average, sell-side analysts expect that HashiCorp, Inc. will post -0.48 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Piper Sandler restated a "neutral" rating and set a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Citigroup assumed coverage on shares of HashiCorp in a research report on Tuesday, September 3rd. They set a "neutral" rating and a $35.00 price target on the stock. JMP Securities reiterated a "market perform" rating on shares of HashiCorp in a report on Monday, September 16th. Finally, StockNews.com initiated coverage on HashiCorp in a report on Friday. They set a "hold" rating on the stock. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.08.

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.