HashiCorp (NASDAQ:HCP) Rating Lowered to Neutral at BTIG Research

HashiCorp (NASDAQ:HCP) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports.

HCP has been the topic of several other research reports. TD Cowen upped their target price on shares of HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday, March 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $34.00 target price on shares of HashiCorp in a report on Wednesday, March 6th. Stifel Nicolaus upped their target price on shares of HashiCorp from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Piper Sandler reaffirmed a “neutral” rating and issued a $25.00 target price (up previously from $22.00) on shares of HashiCorp in a report on Wednesday, March 6th. Finally, KeyCorp began coverage on shares of HashiCorp in a report on Tuesday, March 19th. They set a “sector weight” rating on the stock. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, HashiCorp presently has an average rating of “Hold” and a consensus price target of $30.77.

HashiCorp Stock Performance

Shares of HCP stock opened at $32.82 on Wednesday. HashiCorp has a 52-week low of $18.91 and a 52-week high of $36.39. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of -33.49 and a beta of 1.42. The firm has a fifty day moving average of $25.90 and a 200-day moving average of $23.37.

HashiCorp (NASDAQ:HCP) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.06. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. The business had revenue of $155.78 million for the quarter, compared to analyst estimates of $149.47 million. On average, sell-side analysts predict that HashiCorp will post -0.8 earnings per share for the current year.

Insider Activity

In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total value of $783,425.28. Following the transaction, the chief technology officer now owns 1,768,876 shares of the company’s stock, valued at approximately $38,596,874.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO David Mcjannet sold 33,331 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total value of $912,602.78. Following the sale, the chief executive officer now directly owns 326,912 shares in the company, valued at approximately $8,950,850.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.82, for a total transaction of $783,425.28. Following the transaction, the chief technology officer now owns 1,768,876 shares of the company’s stock, valued at approximately $38,596,874.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 267,427 shares of company stock valued at $6,728,242. 26.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On HashiCorp

Several hedge funds have recently bought and sold shares of the company. Diversified Trust Co acquired a new position in shares of HashiCorp in the 1st quarter valued at $416,000. Artemis Investment Management LLP grew its stake in HashiCorp by 416.0% in the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after acquiring an additional 1,253,723 shares during the period. Renaissance Capital LLC increased its holdings in shares of HashiCorp by 3.0% in the first quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock worth $1,724,000 after acquiring an additional 1,857 shares in the last quarter. Vanguard Group Inc. raised its position in shares of HashiCorp by 10.3% during the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after purchasing an additional 999,671 shares during the period. Finally, University of Texas Texas AM Investment Managment Co. bought a new position in shares of HashiCorp during the 4th quarter valued at about $2,359,000. 87.83% of the stock is currently owned by institutional investors and hedge funds.

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.