HashiCorp (NASDAQ:HCP) Sees Strong Trading Volume

HashiCorp, Inc. (NASDAQ:HCP) shares saw unusually-strong trading volume on Tuesday . Approximately 8,983,277 shares changed hands during mid-day 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.

Analyst Ratings Changes

Several research firms have weighed in on HCP. TD Cowen boosted their price target on HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a research report on Wednesday, March 6th. JMP Securities reiterated a “market outperform” rating and set a $38.00 target price on shares of HashiCorp in a research report on Thursday, March 7th. Stifel Nicolaus upped their target price on HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Bank of America boosted their price target on HashiCorp from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Wednesday, March 6th. Finally, Citigroup upped their target price on HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Monday, January 22nd. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.77.

HashiCorp Stock Up 18.7 %

The firm has a market capitalization of $5.82 billion, a P/E ratio of -26.91 and a beta of 1.42. The stock has a fifty day simple moving average of $25.47 and a 200 day simple moving average of $23.20.

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

Insider Buying and Selling at HashiCorp

In related news, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the transaction, the chief financial officer now owns 62,844 shares in the company, valued at approximately $1,571,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total value of $783,425.28. Following the sale, the chief technology officer now directly owns 1,768,876 shares in the company, valued at approximately $38,596,874.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Navam Welihinda sold 5,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares in the company, valued at $1,571,100. The disclosure for this sale can be found here. Over the last three months, insiders have sold 224,173 shares of company stock valued at $5,641,396. 26.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of HCP. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in HashiCorp during the third quarter worth about $309,000. Qsemble Capital Management LP acquired a new position in HashiCorp during the third quarter worth approximately $1,119,000. Artemis Investment Management LLP purchased a new stake in HashiCorp during the fourth quarter worth approximately $7,124,000. Vanguard Group Inc. boosted its stake 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 purchasing an additional 455,179 shares during the period. Finally, Versor Investments LP purchased a new position in shares of HashiCorp in the third quarter valued at $491,000. 87.83% of the stock is owned by hedge funds and other institutional investors.

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.