Truist Financial Reiterates “Hold” Rating for HashiCorp (NASDAQ:HCP)

HashiCorp (NASDAQ:HCP)‘s stock had its “hold” rating reissued by investment analysts at Truist Financial in a note issued to investors on Thursday, Benzinga reports. They presently have a $35.00 price objective on the stock, up from their prior price objective of $27.00. Truist Financial’s price target suggests a potential upside of 7.39% from the company’s current price.

A number of other equities analysts have also commented on HCP. Needham & Company LLC reaffirmed a “hold” rating on shares of HashiCorp in a research note on Thursday. Citigroup raised their price objective on shares of HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Monday, January 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $34.00 price objective on shares of HashiCorp in a research note on Wednesday, March 6th. BTIG Research lowered shares of HashiCorp from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, KeyCorp assumed coverage on shares of HashiCorp in a research note on Tuesday, March 19th. They issued a “sector weight” rating for the company. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.77.

HashiCorp Stock Performance

Shares of NASDAQ:HCP opened at $32.59 on Thursday. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of -33.25 and a beta of 1.42. HashiCorp has a 1-year low of $18.91 and a 1-year high of $36.39. The company has a 50 day moving average price of $26.08 and a 200 day moving average price of $23.44.

HashiCorp (NASDAQ:HCP) last issued its 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 net margin of 32.70% and a negative return on equity of 15.58%. On average, sell-side analysts expect that HashiCorp will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, CFO Navam Welihinda sold 3,000 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total transaction of $83,520.00. Following the transaction, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Navam Welihinda sold 3,000 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total transaction of $83,520.00. Following the transaction, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total transaction of $826,510.08. Following the transaction, the chief technology officer now owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,427 shares of company stock worth $6,728,242. 26.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HCP. TimesSquare Capital Management LLC acquired a new position in HashiCorp in the 3rd quarter valued at $55,774,000. Atreides Management LP acquired a new position in HashiCorp in the 3rd quarter valued at $31,413,000. Artemis Investment Management LLP grew its stake in HashiCorp by 416.0% in the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after buying an additional 1,253,723 shares during the last quarter. Vanguard Group Inc. grew its stake in HashiCorp by 10.3% in the 4th quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after buying an additional 999,671 shares during the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. grew its stake in HashiCorp by 50.0% in the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after buying an additional 949,100 shares during the last quarter. 87.83% of the stock is currently 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.