HashiCorp (NASDAQ:HCP) Stock Price Up 8.3% After Analyst Upgrade

HashiCorp, Inc. (NASDAQ:HCP) traded up 8.3% on Wednesday after Bank of America raised their price target on the stock from $28.00 to $32.00. Bank of America currently has a neutral rating on the stock. HashiCorp traded as high as $32.22 and last traded at $31.57. 11,625,278 shares traded hands during mid-day trading, an increase of 351% from the average session volume of 2,578,926 shares. The stock had previously closed at $29.15.

Several other brokerages also recently issued reports on HCP. Oppenheimer reissued an “outperform” rating and issued a $34.00 price objective on shares of HashiCorp in a research note on Wednesday, March 6th. Needham & Company LLC raised their price target on HashiCorp from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Scotiabank raised HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price target for the company in a research note on Tuesday, March 12th. Morgan Stanley raised 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. Finally, TD Cowen raised their price target on HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a research note on Wednesday, March 6th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.08.

Insider Transactions at HashiCorp

In related news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total transaction of $490,144.05. Following the completion of the transaction, the insider now directly owns 121,702 shares of the company’s stock, valued at $3,333,417.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ledger Susan St. sold 17,895 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total value of $490,144.05. Following the completion of the sale, the insider now directly owns 121,702 shares of the company’s stock, valued at $3,333,417.78. 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 the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 62,844 shares in the company, valued at approximately $1,372,512.96. The disclosure for this sale can be found here. Insiders sold 224,173 shares of company stock valued at $5,641,396 over the last three months. Company insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in HashiCorp by 10.3% during the 4th quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after buying an additional 999,671 shares during the period. Optimus Prime Fund Management Co. Ltd. lifted its holdings in HashiCorp by 50.0% during the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock worth $67,353,000 after buying an additional 949,100 shares during the period. First Trust Advisors LP lifted its holdings in HashiCorp by 35.7% during the 4th quarter. First Trust Advisors LP now owns 2,722,097 shares of the company’s stock worth $64,350,000 after buying an additional 716,574 shares during the period. TimesSquare Capital Management LLC lifted its stake in shares of HashiCorp by 10.4% in the 4th quarter. TimesSquare Capital Management LLC now owns 2,697,746 shares of the company’s stock valued at $63,775,000 after purchasing an additional 254,720 shares during the period. Finally, Federated Hermes Inc. increased its position in HashiCorp by 16.2% in the 4th quarter. Federated Hermes Inc. now owns 2,112,284 shares of the company’s stock valued at $49,934,000 after buying an additional 294,484 shares in the last quarter. Institutional investors own 87.83% of the company’s stock.

HashiCorp Trading Up 8.1 %

The firm has a market capitalization of $6.29 billion, a P/E ratio of -32.41 and a beta of 1.42. The business has a 50-day moving average of $25.59 and a 200 day moving average of $23.25.

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