StockNews.com Begins Coverage on HashiCorp (NASDAQ:HCP)

Investment analysts at StockNews.com began coverage on shares of HashiCorp (NASDAQ:HCP) in a report issued on Wednesday. The brokerage set a “hold” rating on the stock.

Several other analysts have also recently weighed in on HCP. Citigroup assumed coverage on shares of HashiCorp in a research note on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective on the stock. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a report on Friday, August 30th. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $32.08.

HashiCorp Stock Performance

HCP opened at $33.82 on Wednesday. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of -55.44 and a beta of 1.21. The firm’s 50-day simple moving average is $33.82 and its 200-day simple moving average is $33.74. HashiCorp has a twelve month low of $20.47 and a twelve month high of $34.21.

Insider Transactions at HashiCorp

In other news, CEO David Mcjannet sold 48,055 shares of HashiCorp stock in a transaction on Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $1,626,181.20. Following the transaction, the chief executive officer now directly owns 419,531 shares of the company’s stock, valued at $14,196,929.04. This trade represents a 10.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Armon Dadgar sold 35,903 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $33.58, for a total transaction of $1,205,622.74. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at approximately $51,041,600. This represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,291 shares of company stock worth $11,912,497 in the last three months. Insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York Life Investment Management LLC bought a new position in shares of HashiCorp during the 2nd quarter valued at about $11,407,000. K2 Principal Fund L.P. acquired a new position in shares of HashiCorp in the second quarter valued at approximately $2,966,000. Alpine Associates Management Inc. boosted its holdings in shares of HashiCorp by 48.7% in the third quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock valued at $72,533,000 after buying an additional 701,350 shares during the period. Versor Investments LP increased its position in shares of HashiCorp by 518.9% during the third quarter. Versor Investments LP now owns 157,725 shares of the company’s stock worth $5,341,000 after acquiring an additional 132,239 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of HashiCorp during the second quarter worth $857,000. 86.25% of the stock is owned by institutional investors and hedge funds.

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.