HashiCorp, Inc. (NASDAQ:HCP) Sees Significant Drop in Short Interest

HashiCorp, Inc. (NASDAQ:HCP) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 10,480,000 shares, a decrease of 9.1% from the October 15th total of 11,530,000 shares. Based on an average daily volume of 1,880,000 shares, the short-interest ratio is presently 5.6 days. Approximately 7.0% of the shares of the company are short sold.

Insiders Place Their Bets

In other HashiCorp news, CEO David Mcjannet sold 48,055 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $1,626,181.20. Following the sale, the chief executive officer now owns 419,531 shares in the company, valued at approximately $14,196,929.04. The trade was a 10.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction that occurred on 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 trade represents a 5.36 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 371,209 shares of company stock valued at $12,559,456. Company insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in HashiCorp by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock worth $329,454,000 after purchasing an additional 1,501,953 shares during the last quarter. Whale Rock Capital Management LLC boosted its stake in shares of HashiCorp by 293.2% in the first quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company’s stock valued at $123,046,000 after buying an additional 3,404,557 shares during the period. Jericho Capital Asset Management L.P. grew its stake in HashiCorp by 53.3% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,338,951 shares of the company’s stock worth $89,985,000 after buying an additional 1,161,600 shares in the last quarter. Westchester Capital Management LLC boosted its holdings in shares of HashiCorp by 60.5% in the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock valued at $108,363,000 after purchasing an additional 1,206,073 shares in the last quarter. Finally, Pentwater Capital Management LP bought a new stake in HashiCorp during the 2nd quarter worth approximately $91,654,000. 87.83% of the stock is currently owned by institutional investors and hedge funds.

HashiCorp Price Performance

Shares of HCP stock remained flat at $33.60 during trading on Tuesday. The company had a trading volume of 262,086 shares, compared to its average volume of 3,013,529. HashiCorp has a 1-year low of $19.26 and a 1-year high of $34.21. The firm has a market cap of $6.82 billion, a P/E ratio of -44.80 and a beta of 1.24. The stock has a 50 day moving average price of $33.88 and a 200 day moving average price of $33.66.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.08 earnings per share for the quarter. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The company had revenue of $165.14 million for the quarter, compared to the consensus estimate of $157.22 million. During the same period in the previous year, the business earned ($0.34) earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts anticipate that HashiCorp will post -0.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HCP. Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target on the stock. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a research note on Friday, August 30th. Finally, StockNews.com assumed coverage on HashiCorp in a research report on Sunday. They set a “hold” rating for the company. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $32.08.

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.