Bank of America Boosts HashiCorp (NASDAQ:HCP) Price Target to $32.00

HashiCorp (NASDAQ:HCP) had its price target lifted by stock analysts at Bank of America from $28.00 to $32.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential downside of 2.50% from the company’s previous close.

HCP has been the subject of several other reports. Morgan Stanley raised HashiCorp from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $23.00 to $30.00 in a research report on Monday, February 26th. BTIG Research lowered HashiCorp from a “buy” rating to a “neutral” rating in a research report on Wednesday. Citigroup boosted their price target on HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Monday, January 22nd. Oppenheimer reissued an “outperform” rating and issued a $34.00 price target on shares of HashiCorp in a research report on Wednesday, March 6th. Finally, Piper Sandler reissued a “neutral” rating and issued a $25.00 price target (up from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $30.77.

HashiCorp Stock Up 4.5 %

Shares of NASDAQ HCP opened at $32.82 on Wednesday. The business has a fifty day simple moving average of $25.90 and a two-hundred day simple moving average of $23.37. The firm has a market cap of $6.55 billion, a PE ratio of -33.49 and a beta of 1.42. HashiCorp has a twelve month low of $18.91 and a twelve month high of $36.39.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. The business had revenue of $155.78 million during the quarter, compared to analyst estimates of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. On average, research analysts expect that HashiCorp will post -0.8 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total value of $783,425.28. Following the transaction, the chief technology officer now directly owns 1,768,876 shares of the company’s stock, valued at $38,596,874.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total value of $783,425.28. Following the transaction, the chief technology officer now directly owns 1,768,876 shares of the company’s stock, valued at $38,596,874.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Mcjannet sold 33,331 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $27.38, for a total value of $912,602.78. Following the completion of the transaction, the chief executive officer now directly owns 326,912 shares in the company, valued at $8,950,850.56. The disclosure for this sale can be found here. Insiders have sold a total of 267,427 shares of company stock worth $6,728,242 in the last ninety days. 26.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in HashiCorp during the third quarter worth about $309,000. Qsemble Capital Management LP acquired a new stake in HashiCorp during the third quarter worth about $1,119,000. Artemis Investment Management LLP acquired a new stake in HashiCorp during the fourth quarter worth about $7,124,000. Vanguard Group Inc. grew its holdings in HashiCorp by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,723,000 shares of the company’s stock worth $221,976,000 after acquiring an additional 455,179 shares during the period. Finally, Versor Investments LP acquired a new stake in HashiCorp during the third quarter worth about $491,000. 87.83% of the stock is owned by institutional investors and hedge funds.

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.