HashiCorp, Inc. (NASDAQ:HCP) Holdings Boosted by Federated Hermes Inc.

Federated Hermes Inc. lifted its stake in shares of HashiCorp, Inc. (NASDAQ:HCP) by 16.2% during the fourth quarter, Holdings Channel reports. The firm owned 2,112,284 shares of the company’s stock after buying an additional 294,484 shares during the period. Federated Hermes Inc.’s holdings in HashiCorp were worth $49,934,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HCP. CloudAlpha Capital Management Limited Hong Kong bought a new position in HashiCorp in the 4th quarter worth about $2,577,000. Lattice Capital Management LLC increased its position in HashiCorp by 34.8% in the 4th quarter. Lattice Capital Management LLC now owns 71,308 shares of the company’s stock valued at $1,686,000 after acquiring an additional 18,400 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in HashiCorp by 21.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,178 shares of the company’s stock valued at $1,990,000 after acquiring an additional 14,582 shares in the last quarter. SVB Wealth LLC acquired a new position in HashiCorp during the 4th quarter worth $273,000. Finally, Perigon Wealth Management LLC grew its stake in shares of HashiCorp by 30.3% in the fourth quarter. Perigon Wealth Management LLC now owns 95,686 shares of the company’s stock worth $2,262,000 after purchasing an additional 22,232 shares in the last quarter. Institutional investors and hedge funds own 87.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on HCP. Morgan Stanley upgraded shares of HashiCorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $23.00 to $30.00 in a research note on Monday, February 26th. Needham & Company LLC upped their price target on shares of HashiCorp from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Piper Sandler reiterated a “neutral” rating and set a $25.00 price objective (up previously from $22.00) on shares of HashiCorp in a research note on Wednesday, March 6th. Scotiabank raised HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price target for the company in a research note on Tuesday, March 12th. Finally, Stifel Nicolaus boosted their price objective on HashiCorp from $26.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.77.

HashiCorp Price Performance

HashiCorp stock opened at $23.97 on Friday. HashiCorp, Inc. has a fifty-two week low of $18.91 and a fifty-two week high of $36.39. The firm’s 50 day simple moving average is $25.48 and its 200-day simple moving average is $23.18. The company has a market cap of $4.78 billion, a P/E ratio of -24.46 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last announced its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.06. The company 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%. On average, analysts expect that HashiCorp, Inc. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $21.95, for a total transaction of $54,875.00. Following the transaction, the chief financial officer now owns 62,844 shares of the company’s stock, valued at approximately $1,379,425.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $21.94, for a total value of $787,733.76. Following the transaction, the chief technology officer now directly owns 1,840,684 shares of the company’s stock, valued at approximately $40,384,606.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $21.95, for a total value of $54,875.00. Following the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,379,425.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 262,577 shares of company stock valued at $6,484,004. Corporate insiders own 26.13% of the company’s stock.

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.