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

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

A number of other research firms also recently commented on HCP. KeyCorp assumed coverage on shares of HashiCorp in a research report on Tuesday, March 19th. They set a sector weight rating on the stock. TD Cowen raised their target price on shares of HashiCorp from $23.00 to $26.00 and gave the company a market perform rating in a research report on Wednesday, March 6th. Oppenheimer reissued an outperform rating and set a $34.00 target price on shares of HashiCorp in a research report on Wednesday, March 6th. JMP Securities restated a market outperform rating and issued a $38.00 price target on shares of HashiCorp in a report on Thursday, March 7th. Finally, Scotiabank upgraded shares of HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 price target on the stock in a report on Tuesday, March 12th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $30.77.

HashiCorp Stock Down 0.7 %

HCP stock opened at $32.59 on Wednesday. The firm’s 50-day moving average is $26.08 and its 200 day moving average is $23.44. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39.

HashiCorp (NASDAQ:HCP) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. The business had revenue of $155.78 million for the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. As a group, sell-side analysts predict that HashiCorp will post -0.8 EPS for the current year.

Insider Buying and Selling

In related news, Director Sigal Zarmi sold 4,350 shares of HashiCorp stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total value of $130,500.00. Following the completion of the sale, the director now directly owns 37,991 shares in the company, valued at approximately $1,139,730. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Sigal Zarmi sold 4,350 shares of HashiCorp stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $30.00, for a total value of $130,500.00. Following the completion of the sale, the director now directly owns 37,991 shares in the company, valued at approximately $1,139,730. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Navam Welihinda sold 3,000 shares of HashiCorp stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total transaction of $83,520.00. Following the sale, the chief financial officer now owns 93,925 shares of the company’s stock, valued at $2,614,872. The disclosure for this sale can be found here. Insiders sold 267,427 shares of company stock worth $6,728,242 in the last three months. Corporate insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Several institutional investors and hedge funds have recently bought and sold shares of HCP. Nomura Asset Management Co. Ltd. lifted its stake in HashiCorp by 35.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after acquiring an additional 615 shares during the period. Industry Ventures L.L.C. acquired a new stake in HashiCorp during the 4th quarter valued at approximately $157,000. Victory Capital Management Inc. lifted its stake in HashiCorp by 35.5% during the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after acquiring an additional 2,768 shares during the period. Xponance Inc. lifted its stake in HashiCorp by 6.7% during the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after acquiring an additional 673 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in HashiCorp by 10.0% during the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after acquiring an additional 978 shares during the period. 87.83% of the stock is currently 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.