HashiCorp (NASDAQ:HCP) Sees Strong Trading Volume

Shares of HashiCorp, Inc. (NASDAQ:HCP) saw unusually-high trading volume on Tuesday . Approximately 8,983,277 shares changed hands during trading, an increase of 282% from the previous session’s volume of 2,353,549 shares.The stock last traded at $30.05 and had previously closed at $24.55.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citigroup increased their price target on HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Monday, January 22nd. Stifel Nicolaus raised their price target on shares of HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Piper Sandler reissued a “neutral” rating and set a $25.00 target price (up previously from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. KeyCorp assumed coverage on shares of HashiCorp in a report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, Bank of America lifted their price target on shares of HashiCorp from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Wednesday, March 6th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.77.

HashiCorp Stock Performance

The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of -26.91 and a beta of 1.42. The company has a 50-day moving average price of $25.47 and a 200-day moving average price of $23.20.

HashiCorp (NASDAQ:HCP) last released its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.06. The company 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%. On average, research analysts expect that HashiCorp, Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Activity at HashiCorp

In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 62,844 shares in the company, valued at $1,372,512.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 62,844 shares in the company, valued at $1,372,512.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Mcjannet sold 33,331 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the completion of the transaction, the chief executive officer now directly owns 326,912 shares of the company’s stock, valued at approximately $8,950,850.56. The disclosure for this sale can be found here. Insiders sold a total of 224,173 shares of company stock valued at $5,641,396 over the last three months. 26.13% of the stock is owned by insiders.

Institutional Trading of HashiCorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in HashiCorp in the 3rd quarter valued at approximately $309,000. Qsemble Capital Management LP bought a new position in HashiCorp during the third quarter worth about $1,119,000. Artemis Investment Management LLP bought a new position in HashiCorp during the fourth quarter worth about $7,124,000. Vanguard Group Inc. boosted its position in shares of HashiCorp by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,723,000 shares of the company’s stock valued at $221,976,000 after acquiring an additional 455,179 shares during the period. Finally, Versor Investments LP bought a new stake in HashiCorp during the third quarter valued at approximately $491,000. Institutional investors own 87.83% of the company’s stock.

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.