HashiCorp (NASDAQ:HCP) Price Target Raised to $32.00

HashiCorp (NASDAQ:HCP) had its target price upped by Bank of America from $28.00 to $32.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

HCP has been the subject of several other research reports. Stifel Nicolaus boosted their price objective on shares of HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. Morgan Stanley upgraded shares of HashiCorp from an equal weight rating to an overweight rating and upped their price objective for the company from $23.00 to $30.00 in a research note on Monday, February 26th. Scotiabank raised HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 price objective on the stock in a report on Tuesday, March 12th. Oppenheimer reissued an outperform rating and issued a $34.00 target price on shares of HashiCorp in a report on Wednesday, March 6th. 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. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $30.77.

HashiCorp Stock Performance

HCP stock opened at $32.59 on Wednesday. The company’s 50 day moving average price is $26.08 and its 200 day moving average price is $23.44. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39.

HashiCorp (NASDAQ:HCP) last released 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. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. The firm had revenue of $155.78 million for the quarter, compared to analyst estimates of $149.47 million. Equities analysts anticipate that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at HashiCorp

In other news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total transaction of $783,425.28. Following the completion of the sale, the chief technology officer now owns 1,768,876 shares in the company, valued at $38,596,874.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were 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 owns 62,844 shares in the company, valued at $1,372,512.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total transaction of $783,425.28. Following the completion of the sale, the chief technology officer now owns 1,768,876 shares of the company’s stock, valued at approximately $38,596,874.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,427 shares of company stock worth $6,728,242. 26.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On HashiCorp

A number of hedge funds have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina lifted its position in HashiCorp by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,130 shares of the company’s stock valued at $1,020,000 after purchasing an additional 420 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in 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. Xponance Inc. lifted its position in HashiCorp by 6.7% in the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after purchasing an additional 673 shares during the period. Oppenheimer & Co. Inc. lifted its position in HashiCorp by 8.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,302 shares of the company’s stock valued at $281,000 after purchasing an additional 918 shares during the period. Finally, Principal Financial Group Inc. lifted its position in HashiCorp by 10.0% in the third quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after purchasing an additional 978 shares during the period. Institutional investors and hedge funds own 87.83% of the company’s stock.

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.