HashiCorp (NASDAQ:HCP) Cut to Neutral at BTIG Research

BTIG Research lowered shares of HashiCorp (NASDAQ:HCP) from a buy rating to a neutral rating in a report released on Wednesday, Marketbeat reports.

Other research analysts have also recently issued research reports about the company. Bank of America upped their target price on HashiCorp from $24.00 to $28.00 and gave the company a neutral rating in a research note on Wednesday, March 6th. KeyCorp assumed coverage on HashiCorp in a research note on Tuesday, March 19th. They set a sector weight rating on the stock. TD Cowen increased their price objective on HashiCorp from $23.00 to $26.00 and gave the stock a market perform rating in a research note on Wednesday, March 6th. StockNews.com raised HashiCorp from a sell rating to a hold rating in a research note on Monday. Finally, Stifel Nicolaus increased their price objective on HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $29.08.

HashiCorp Price Performance

Shares of NASDAQ HCP opened at $31.41 on Wednesday. The stock has a market capitalization of $6.27 billion, a P/E ratio of -32.05 and a beta of 1.42. The business’s 50 day moving average is $25.73 and its two-hundred day moving average is $23.30. HashiCorp has a 1-year low of $18.91 and a 1-year high of $36.39.

HashiCorp (NASDAQ:HCP) last released its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. The firm had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. As a group, equities research analysts anticipate that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Navam Welihinda sold 2,500 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total transaction of $54,600.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares in the company, valued at approximately $1,372,512.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Navam Welihinda sold 2,500 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total value of $54,600.00. Following the transaction, the chief financial officer now directly owns 62,844 shares of the company’s stock, valued at approximately $1,372,512.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total value of $826,510.08. Following the completion of the transaction, the chief technology officer now directly owns 1,804,780 shares in the company, valued at $41,546,035.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 263,077 shares of company stock worth $6,597,742. Insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Several hedge funds have recently made changes to their positions in HCP. SG Americas Securities LLC increased its position in shares of HashiCorp by 47.6% in the 3rd quarter. SG Americas Securities LLC now owns 39,928 shares of the company’s stock valued at $912,000 after acquiring an additional 12,884 shares during the period. Peregrine Capital Management LLC grew its position in HashiCorp by 3.5% during the 3rd quarter. Peregrine Capital Management LLC now owns 303,525 shares of the company’s stock worth $6,929,000 after purchasing an additional 10,322 shares during the period. Xponance Inc. grew its position in HashiCorp by 6.7% during the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after purchasing an additional 673 shares during the period. Bank of New York Mellon Corp grew its position in HashiCorp by 10.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 337,516 shares of the company’s stock worth $7,705,000 after purchasing an additional 32,006 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in HashiCorp by 19.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 69,596 shares of the company’s stock worth $1,589,000 after purchasing an additional 11,278 shares during the period. 87.83% of the stock is owned by institutional investors and hedge funds.

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.