Melqart Asset Management UK Ltd Takes $28.22 Million Position in HashiCorp, Inc. (NASDAQ:HCP)

Melqart Asset Management UK Ltd acquired a new position in shares of HashiCorp, Inc. (NASDAQ:HCP) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 833,544 shares of the company’s stock, valued at approximately $28,224,000. HashiCorp accounts for approximately 2.6% of Melqart Asset Management UK Ltd’s investment portfolio, making the stock its 13th largest position. Melqart Asset Management UK Ltd owned approximately 0.41% of HashiCorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pentwater Capital Management LP acquired a new position in shares of HashiCorp in the second quarter valued at approximately $91,654,000. Magnetar Financial LLC purchased a new stake in shares of HashiCorp during the second quarter worth $71,490,000. ING Groep NV raised its stake in shares of HashiCorp by 851.2% in the third quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock valued at $56,587,000 after acquiring an additional 1,495,500 shares in the last quarter. Alpine Associates Management Inc. purchased a new position in HashiCorp in the second quarter valued at $48,541,000. Finally, Westchester Capital Management LLC grew its stake in HashiCorp by 60.5% during the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock worth $108,363,000 after purchasing an additional 1,206,073 shares in the last quarter. Hedge funds and other institutional investors own 87.83% of the company’s stock.

HashiCorp Stock Performance

Shares of HashiCorp stock opened at $33.57 on Wednesday. HashiCorp, Inc. has a one year low of $19.26 and a one year high of $34.21. The company has a market cap of $6.81 billion, a P/E ratio of -44.76 and a beta of 1.21. The firm has a fifty day moving average of $33.84 and a two-hundred day moving average of $33.72.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on HCP. StockNews.com initiated coverage on shares of HashiCorp in a report on Friday, November 29th. They set a “hold” rating for the company. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. Piper Sandler restated a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a research note on Friday, August 30th. Finally, Citigroup initiated coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective for the company. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $32.08.

Insider Activity

In other HashiCorp news, CFO Navam Welihinda sold 18,167 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total value of $614,771.28. Following the completion of the transaction, the chief financial officer now directly owns 105,883 shares of the company’s stock, valued at approximately $3,583,080.72. This trade represents a 14.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $33.80, for a total value of $470,360.80. Following the completion of the transaction, the chief marketing officer now directly owns 4,368 shares of the company’s stock, valued at $147,638.40. The trade was a 76.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 330,304 shares of company stock valued at $11,177,235 in the last three months. 22.49% of the stock is currently owned by company insiders.

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.