HashiCorp (NASDAQ:HCP) Price Target Increased to $35.00 by Analysts at Piper Sandler

HashiCorp (NASDAQ:HCP) had its price target hoisted by equities research analysts at Piper Sandler from $25.00 to $35.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential upside of 11.43% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Bank of America raised their target price on shares of HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup lifted their price objective on HashiCorp from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Monday, January 22nd. Truist Financial reissued a “hold” rating and issued a $35.00 price objective (up previously from $27.00) on shares of HashiCorp in a report on Thursday. KeyCorp initiated coverage on HashiCorp in a report on Tuesday, March 19th. They set a “sector weight” rating on the stock. Finally, StockNews.com raised HashiCorp from a “sell” rating to a “hold” rating in a report on Monday. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, HashiCorp has an average rating of “Hold” and a consensus price target of $30.46.

HashiCorp Trading Up 7.8 %

Shares of HashiCorp stock opened at $31.41 on Thursday. The firm’s 50 day simple moving average is $25.73 and its two-hundred day simple moving average is $23.30. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of -32.05 and a beta of 1.42. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39.

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

Insider Buying and Selling

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of HashiCorp 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 sale, the chief technology officer now owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total value of $826,510.08. Following the transaction, the chief technology officer now directly owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,571,100. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,077 shares of company stock worth $6,597,742. 26.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. grew its holdings in shares of HashiCorp by 35.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after purchasing an additional 615 shares during the period. Industry Ventures L.L.C. acquired a new position in HashiCorp in the 4th quarter valued at about $157,000. Victory Capital Management Inc. grew its stake in shares of HashiCorp by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after buying an additional 2,768 shares during the period. Xponance Inc. increased its holdings in shares of HashiCorp by 6.7% during the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after buying an additional 673 shares during the last quarter. Finally, Principal Financial Group Inc. increased 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 worth $246,000 after buying an additional 978 shares during the last quarter. Hedge funds and other 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.