StockNews.com Begins Coverage on HashiCorp (NASDAQ:HCP)

StockNews.com started coverage on shares of HashiCorp (NASDAQ:HCP) in a report released on Wednesday. The brokerage set a “hold” rating on the stock.

HCP has been the subject of a number of other reports. Citigroup assumed coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target for the company. Piper Sandler restated a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a report on Friday, August 30th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, HashiCorp has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Price Performance

HashiCorp stock opened at $33.82 on Wednesday. The firm has a 50-day moving average of $33.82 and a 200-day moving average of $33.74. The company has a market cap of $6.86 billion, a price-to-earnings ratio of -55.44 and a beta of 1.21. HashiCorp has a one year low of $20.47 and a one year high of $34.21.

Insider Transactions at HashiCorp

In related news, CTO Armon Dadgar sold 22,779 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $770,841.36. Following the completion of the sale, the chief technology officer now directly owns 44,934 shares in the company, valued at $1,520,566.56. This represents a 33.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Mcjannet sold 48,055 shares of HashiCorp stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total value of $1,626,181.20. Following the completion of the transaction, the chief executive officer now owns 419,531 shares in the company, valued at approximately $14,196,929.04. This represents a 10.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 352,291 shares of company stock valued at $11,912,497. Company insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in HCP. Longfellow Investment Management Co. LLC acquired a new position in shares of HashiCorp during the third quarter worth $38,000. American Capital Advisory LLC bought a new stake in HashiCorp during the 2nd quarter worth $40,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in HashiCorp in the 3rd quarter worth about $51,000. Quest Partners LLC raised its position in HashiCorp by 9,736.1% in the second 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 last quarter. Finally, KBC Group NV boosted its stake in shares of HashiCorp by 25.8% during 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 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.