HashiCorp (NASDAQ:HCP) Reaches New 12-Month High – Here’s What Happened

HashiCorp, Inc. (NASDAQ:HCP)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $34.07 and last traded at $34.07, with a volume of 2418370 shares traded. The stock had previously closed at $33.85.

Analyst Ratings Changes

HCP has been the subject of several research analyst reports. Citigroup initiated coverage on HashiCorp in a report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target for the company. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. Piper Sandler restated a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a research report on Friday, August 30th. Finally, StockNews.com initiated coverage on shares of HashiCorp in a research report on Tuesday. They set a “hold” rating for the company. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Stock Up 0.6 %

The stock has a market cap of $6.91 billion, a P/E ratio of -45.43 and a beta of 1.24. The business has a 50 day moving average price of $33.86 and a 200 day moving average price of $33.49.

HashiCorp (NASDAQ:HCP) last released its earnings results on Thursday, August 29th. The company reported $0.08 earnings per share for the quarter. The business had revenue of $165.14 million for the quarter, compared to analyst estimates of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.34) earnings per share. On average, research analysts expect that HashiCorp, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Activity at HashiCorp

In related news, CFO Navam Welihinda sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total value of $169,350.00. Following the completion of the sale, the chief financial officer now owns 88,322 shares in the company, valued at approximately $2,991,466.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other HashiCorp news, insider Ledger Susan St. sold 22,232 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $752,330.88. Following the transaction, the insider now directly owns 167,747 shares in the company, valued at $5,676,558.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Navam Welihinda sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total transaction of $169,350.00. Following the completion of the sale, the chief financial officer now owns 88,322 shares of the company’s stock, valued at approximately $2,991,466.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 385,125 shares of company stock worth $13,027,869 in the last 90 days. 22.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Swiss National Bank boosted its position in HashiCorp by 11.8% during the first quarter. Swiss National Bank now owns 221,600 shares of the company’s stock valued at $5,972,000 after purchasing an additional 23,400 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of HashiCorp in the 1st quarter valued at about $1,070,000. Bessemer Group Inc. bought a new stake in shares of HashiCorp in the 1st quarter valued at about $649,000. Vanguard Group Inc. grew its position in shares of HashiCorp by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after buying an additional 1,501,953 shares during the last quarter. Finally, New York Life Investment Management LLC bought a new position in shares of HashiCorp during the 2nd quarter worth approximately $11,407,000. 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.