HashiCorp (NASDAQ:HCP) Hits New 12-Month High – Here’s Why

HashiCorp, Inc. (NASDAQ:HCP) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $34.21 and last traded at $34.20, with a volume of 1124104 shares. The stock had previously closed at $34.08.

Analyst Upgrades and Downgrades

HCP has been the subject of a number of research reports. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. Piper Sandler reissued a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. StockNews.com initiated coverage on shares of HashiCorp in a research report on Tuesday. They set a “hold” rating on the stock. Finally, Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target for the company. Twelve investment 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, HashiCorp has an average rating of “Hold” and an average price target of $32.08.

HashiCorp Trading Up 0.1 %

The company has a market cap of $7.01 billion, a P/E ratio of -56.18 and a beta of 1.21. The company has a 50-day simple moving average of $33.82 and a 200 day simple moving average of $33.76.

Insider Buying and Selling

In related news, CMO Marc Holmes sold 13,782 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $33.81, for a total value of $465,969.42. Following the completion of the transaction, the chief marketing officer now owns 8,754 shares of the company’s stock, valued at $295,972.74. The trade was a 61.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Armon Dadgar sold 35,903 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $33.58, for a total value of $1,205,622.74. Following the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at $51,041,600. This trade represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 229,204 shares of company stock valued at $7,747,233 in the last 90 days. Company insiders own 22.49% of the company’s stock.

Institutional Trading of HashiCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HCP. Longfellow Investment Management Co. LLC purchased a new position in shares of HashiCorp in the third quarter worth about $38,000. American Capital Advisory LLC acquired a new stake in HashiCorp during the 2nd quarter valued at approximately $40,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of HashiCorp in the 3rd quarter valued at $51,000. Quest Partners LLC increased its stake in shares of HashiCorp by 9,736.1% in the second quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock worth $119,000 after acquiring an additional 3,505 shares during the period. Finally, KBC Group NV raised its holdings in shares of HashiCorp by 25.8% during the third quarter. KBC Group NV now owns 3,563 shares of the company’s stock worth $121,000 after purchasing an additional 731 shares during the last quarter. Institutional investors and hedge funds own 86.25% of the company’s stock.

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.