HashiCorp (NASDAQ:HCP) Shares Gap Up Following Analyst Upgrade

Shares of HashiCorp, Inc. (NASDAQ:HCP) gapped up prior to trading on Thursday after Piper Sandler raised their price target on the stock from $25.00 to $35.00. The stock had previously closed at $31.41, but opened at $32.99. Piper Sandler currently has a neutral rating on the stock. HashiCorp shares last traded at $32.87, with a volume of 10,846,358 shares traded.

HCP has been the subject of a number of other research reports. Needham & Company LLC restated a “hold” rating on shares of HashiCorp in a report on Thursday. Morgan Stanley upgraded shares of HashiCorp from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $23.00 to $30.00 in a research note on Monday, February 26th. Stifel Nicolaus increased their price objective on HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. KeyCorp initiated coverage on HashiCorp in a research report on Tuesday, March 19th. They issued a “sector weight” rating for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $34.00 price target on shares of HashiCorp in a research report on Wednesday, March 6th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.77.

Insider Buying and Selling at HashiCorp

In other HashiCorp news, Director Sigal Zarmi sold 4,350 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total value of $130,500.00. Following the completion of the transaction, the director now directly owns 37,991 shares of the company’s stock, valued at approximately $1,139,730. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total value of $130,500.00. Following the transaction, the director now directly owns 37,991 shares in the company, valued at $1,139,730. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ledger Susan St. sold 17,895 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.39, for a total transaction of $490,144.05. Following the sale, the insider now owns 121,702 shares in the company, valued at approximately $3,333,417.78. The disclosure for this sale can be found here. Insiders sold 267,427 shares of company stock valued at $6,728,242 in the last quarter. 26.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On HashiCorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. lifted its holdings in HashiCorp by 35.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock worth $54,000 after buying an additional 615 shares during the period. Industry Ventures L.L.C. purchased a new stake in HashiCorp in the fourth quarter worth $157,000. Victory Capital Management Inc. raised its holdings in HashiCorp by 35.5% in the third quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after purchasing an additional 2,768 shares in the last quarter. Xponance Inc. lifted its position in HashiCorp by 6.7% during the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after buying an additional 673 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of HashiCorp by 10.0% during the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after buying an additional 978 shares in the last quarter. Institutional investors own 87.83% of the company’s stock.

HashiCorp Stock Performance

The stock has a market capitalization of $6.55 billion, a PE ratio of -33.49 and a beta of 1.42. The stock’s 50-day moving average price is $25.90 and its two-hundred day moving average price is $23.37.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings data 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. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. The business had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. On average, analysts predict that HashiCorp, Inc. will post -0.8 earnings per share for the current fiscal year.

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.