HashiCorp (NASDAQ:HCP) Reaches New 1-Year High – Should You Buy?

HashiCorp, Inc. (NASDAQ:HCP) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $34.07 and last traded at $34.07, with a volume of 2418370 shares traded. The stock had previously closed at $33.85.

Wall Street Analysts Forecast Growth

HCP has been the topic of a number of analyst reports. Citigroup assumed coverage on shares of HashiCorp in a research report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 target price on the stock. 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. JMP Securities restated a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. Finally, StockNews.com assumed coverage on shares of HashiCorp in a report on Tuesday. They issued a “hold” rating on the stock. Twelve equities research 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, the company has a consensus rating of “Hold” and an average price target of $32.08.

HashiCorp Stock Up 0.6 %

The stock has a market cap of $6.91 billion, a PE ratio of -45.43 and a beta of 1.24. The stock’s fifty day moving average price is $33.86 and its 200 day moving average price is $33.49.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.08 earnings per share (EPS) for the quarter. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The firm had revenue of $165.14 million for the quarter, compared to the consensus estimate of $157.22 million. During the same period in the prior year, the company posted ($0.34) earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis. On average, equities research analysts expect that HashiCorp, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Activity at HashiCorp

In other news, CEO David Mcjannet sold 48,055 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 419,531 shares in the company, valued at $14,196,929.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other HashiCorp news, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total value of $169,350.00. Following the completion of the sale, the chief financial officer now owns 88,322 shares in the company, valued at $2,991,466.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO David Mcjannet sold 48,055 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was 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 directly owns 419,531 shares in the company, valued at $14,196,929.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 385,125 shares of company stock worth $13,027,869. 22.49% of the stock is owned by insiders.

Institutional Trading of HashiCorp

Several institutional investors and hedge funds have recently modified their holdings of HCP. American Capital Advisory LLC bought a new stake in HashiCorp during the 2nd quarter valued at approximately $40,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of HashiCorp in the third quarter worth $51,000. Advisors Asset Management Inc. boosted its position in shares of HashiCorp by 43.0% during the first quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock worth $86,000 after acquiring an additional 961 shares during the last quarter. Covestor Ltd boosted its position in shares of HashiCorp by 12,888.9% during the first quarter. Covestor Ltd now owns 3,507 shares of the company’s stock worth $95,000 after acquiring an additional 3,480 shares during the last quarter. Finally, Quest Partners LLC grew its stake in HashiCorp by 9,736.1% during the second quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock valued at $119,000 after acquiring an additional 3,505 shares in the last quarter. 87.83% of the stock is currently owned by institutional investors.

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.