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

HashiCorp, Inc. (NASDAQ:HCP)’s share price traded up 8.3% during mid-day trading 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 were traded during trading, an increase of 351% from the average session volume of 2,578,926 shares. The stock had previously closed at $29.15.

HCP has been the subject of several other reports. Citigroup raised their price target on shares of HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Monday, January 22nd. Oppenheimer reissued an “outperform” rating and issued a $34.00 target price on shares of HashiCorp in a research note on Wednesday, March 6th. StockNews.com raised shares of HashiCorp from a “sell” rating to a “hold” rating in a research note on Monday. Scotiabank raised shares of HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price objective for the company in a research report on Tuesday, March 12th. Finally, Stifel Nicolaus boosted their target price on shares of HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, HashiCorp currently has an average rating of “Moderate Buy” and a consensus target price of $29.08.

Insider Transactions at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total value of $783,425.28. Following the completion of the sale, the chief technology officer now directly owns 1,768,876 shares of the company’s stock, valued at approximately $38,596,874.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $21.82, for a total value of $783,425.28. Following the completion of the sale, the chief technology officer now directly owns 1,768,876 shares of the company’s stock, valued at approximately $38,596,874.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total value of $912,602.78. Following the sale, the chief executive officer now directly owns 326,912 shares of the company’s stock, valued at $8,950,850.56. The disclosure for this sale can be found here. Insiders have sold 224,173 shares of company stock valued at $5,641,396 over the last ninety days. 26.13% of the stock is owned by company insiders.

Institutional Trading of HashiCorp

A number of large investors have recently modified their holdings of HCP. Ronald Blue Trust Inc. raised its holdings in shares of HashiCorp by 327.8% during the 3rd quarter. Ronald Blue Trust Inc. now owns 2,049 shares of the company’s stock valued at $47,000 after buying an additional 1,570 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in HashiCorp by 35.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock worth $54,000 after purchasing an additional 615 shares during the period. Industry Ventures L.L.C. purchased a new position in HashiCorp in the 4th quarter worth approximately $157,000. Victory Capital Management Inc. grew its position 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 worth $241,000 after buying an additional 2,768 shares during the last quarter. Finally, Xponance Inc. grew its position in shares of HashiCorp by 6.7% in 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. Institutional investors own 87.83% of the company’s stock.

HashiCorp Stock Performance

The stock has a market capitalization of $6.29 billion, a P/E ratio of -32.41 and a beta of 1.42. The stock has a 50-day moving average price of $25.59 and a two-hundred day moving average price of $23.25.

HashiCorp (NASDAQ:HCP) last released its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $149.47 million. Equities analysts anticipate that HashiCorp, Inc. will post -0.8 earnings per share for the current fiscal year.

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.