Investors Buy High Volume of Call Options on HashiCorp (NASDAQ:HCP)

HashiCorp, Inc. (NASDAQ:HCP) was the target of some unusual options trading on Wednesday. Traders acquired 27,673 call options on the stock. This is an increase of 794% compared to the typical volume of 3,096 call options.

HashiCorp Stock Performance

Shares of NASDAQ:HCP opened at $31.41 on Thursday. The stock has a market capitalization of $6.27 billion, a P/E ratio of -32.05 and a beta of 1.42. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39. The stock has a 50-day simple moving average of $25.73 and a 200-day simple moving average of $23.30.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.06. The firm had revenue of $155.78 million during 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%. Analysts predict that HashiCorp will post -0.8 earnings per share for the current year.

Insider Activity

In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp 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 transaction, the chief technology officer now directly owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp 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 transaction, the chief technology officer now directly owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total transaction of $54,600.00. Following the completion of the transaction, the chief financial officer now owns 62,844 shares in the company, valued at $1,372,512.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,077 shares of company stock valued at $6,597,742. 26.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HashiCorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Ronald Blue Trust Inc. raised its position in shares of HashiCorp by 327.8% during the 3rd quarter. Ronald Blue Trust Inc. now owns 2,049 shares of the company’s stock valued at $47,000 after acquiring an additional 1,570 shares in the last quarter. SG Americas Securities LLC raised its position in shares of HashiCorp by 47.6% during 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 in the last quarter. Peregrine Capital Management LLC raised its position in shares of HashiCorp by 3.5% during the 3rd quarter. Peregrine Capital Management LLC now owns 303,525 shares of the company’s stock valued at $6,929,000 after acquiring an additional 10,322 shares in the last quarter. Xponance Inc. raised its position in shares of HashiCorp by 6.7% during the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after acquiring an additional 673 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of HashiCorp by 10.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 337,516 shares of the company’s stock valued at $7,705,000 after acquiring an additional 32,006 shares in the last quarter. 87.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on HCP. TD Cowen boosted their target price on shares of HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a research report on Wednesday, March 6th. Oppenheimer restated an “outperform” rating and set a $34.00 target price on shares of HashiCorp in a research report on Wednesday, March 6th. Bank of America boosted their price objective on shares of HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday. BTIG Research lowered shares of HashiCorp from a “buy” rating to a “neutral” rating in a research report on Wednesday. Finally, Stifel Nicolaus boosted their price objective on shares of HashiCorp from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.08.

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.