HashiCorp (NASDAQ:HCP) Earns Sector Perform Rating from Scotiabank

Scotiabank reiterated their sector perform rating on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a $35.00 price objective on the stock, up from their prior price objective of $31.00.

Several other brokerages have also recently commented on HCP. TD Cowen raised their target price on HashiCorp from $23.00 to $26.00 and gave the stock a market perform rating in a research report on Wednesday, March 6th. Oppenheimer restated an outperform rating and set a $34.00 price objective on shares of HashiCorp in a research report on Wednesday, March 6th. StockNews.com upgraded HashiCorp from a sell rating to a hold rating in a report on Monday. Stifel Nicolaus raised their price target on shares of HashiCorp from $26.00 to $28.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Finally, Citigroup upped their price objective on shares of HashiCorp from $22.00 to $24.00 and gave the company a neutral rating in a research note on Monday, January 22nd. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $30.77.

HashiCorp Trading Up 4.5 %

NASDAQ:HCP opened at $32.82 on Thursday. The stock has a fifty day simple moving average of $25.90 and a 200 day simple moving average of $23.37. HashiCorp has a 1-year low of $18.91 and a 1-year high of $36.39.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating 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 business had revenue of $155.78 million for the quarter, compared to analyst estimates of $149.47 million. Sell-side analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other news, Director Sigal Zarmi sold 4,350 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total transaction of $130,500.00. Following the completion of the sale, the director now owns 37,991 shares in the company, valued at approximately $1,139,730. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp 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 transaction, the chief technology officer now owns 1,768,876 shares in the company, valued at approximately $38,596,874.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sigal Zarmi sold 4,350 shares of the business’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $30.00, for a total transaction of $130,500.00. Following the transaction, the director now directly owns 37,991 shares of the company’s stock, valued at approximately $1,139,730. The disclosure for this sale can be found here. Insiders have sold 267,427 shares of company stock valued at $6,728,242 over the last three months. 26.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HashiCorp

A number of institutional investors have recently made changes to their positions in HCP. TimesSquare Capital Management LLC bought a new stake in HashiCorp during the 3rd quarter valued at approximately $55,774,000. Atreides Management LP acquired a new position in shares of HashiCorp during the third quarter worth approximately $31,413,000. Artemis Investment Management LLP boosted its position in shares of HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after acquiring an additional 1,253,723 shares during the period. Vanguard Group Inc. boosted its position in shares of HashiCorp by 10.3% in the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after acquiring an additional 999,671 shares during the period. Finally, Optimus Prime Fund Management Co. Ltd. grew its stake in shares of HashiCorp by 50.0% in the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock worth $67,353,000 after acquiring an additional 949,100 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors.

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.