HGC Investment Management Inc. Sells 250,000 Shares of HashiCorp, Inc. (NASDAQ:HCP)

HGC Investment Management Inc. trimmed its holdings in HashiCorp, Inc. (NASDAQ:HCP) by 94.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,426 shares of the company’s stock after selling 250,000 shares during the quarter. HGC Investment Management Inc.’s holdings in HashiCorp were worth $488,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC acquired a new stake in HashiCorp during the 3rd quarter worth $38,000. American Capital Advisory LLC acquired a new position in HashiCorp in the 2nd quarter worth $40,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in HashiCorp during the 3rd quarter worth about $51,000. Quest Partners LLC raised its stake in shares of HashiCorp by 9,736.1% in the 2nd quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock valued at $119,000 after purchasing an additional 3,505 shares during the period. Finally, KBC Group NV lifted its holdings in shares of HashiCorp by 25.8% in the third quarter. KBC Group NV now owns 3,563 shares of the company’s stock valued at $121,000 after purchasing an additional 731 shares in the last quarter. Institutional investors and hedge funds own 87.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on HCP shares. StockNews.com initiated coverage on HashiCorp in a report on Friday. They set a “hold” rating for the company. Piper Sandler reiterated a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a report on Friday, August 30th. Citigroup began coverage on shares of HashiCorp in a report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 target price for the company. Finally, JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, HashiCorp has a consensus rating of “Hold” and an average target price of $32.08.

HashiCorp Price Performance

Shares of HCP opened at $33.59 on Tuesday. The company’s 50-day moving average is $33.84 and its 200-day moving average is $33.72. HashiCorp, Inc. has a fifty-two week low of $19.26 and a fifty-two week high of $34.21.

Insiders Place Their Bets

In related news, CMO Marc Holmes sold 11,854 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $401,139.36. Following the completion of the sale, the chief marketing officer now directly owns 22,536 shares in the company, valued at approximately $762,618.24. The trade was a 34.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Navam Welihinda sold 18,167 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $614,771.28. Following the transaction, the chief financial officer now owns 105,883 shares in the company, valued at approximately $3,583,080.72. This trade represents a 14.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 330,304 shares of company stock worth $11,177,235 over the last three months. Insiders own 22.49% of the company’s stock.

HashiCorp 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.