HashiCorp (NASDAQ:HCP) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued on Tuesday. The brokerage set a “hold” rating on the stock.

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

HashiCorp Stock Performance

Shares of HCP stock opened at $34.08 on Tuesday. HashiCorp has a 52 week low of $20.89 and a 52 week high of $34.21. The stock has a market capitalization of $6.97 billion, a PE ratio of -55.87 and a beta of 1.21. The stock’s fifty day moving average is $33.81 and its 200-day moving average is $33.75.

Insider Buying and Selling

In other news, CTO Armon Dadgar sold 35,903 shares of HashiCorp stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $33.58, for a total transaction of $1,205,622.74. Following the transaction, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at $51,041,600. This trade represents a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Marc Holmes sold 11,854 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $401,139.36. Following the completion of the transaction, the chief marketing officer now directly owns 22,536 shares of the company’s stock, valued at $762,618.24. This trade represents a 34.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 352,291 shares of company stock valued at $11,912,497 over the last three months. Company insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Westchester Capital Management LLC raised its holdings 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 buying an additional 1,206,073 shares during the period. Pentwater Capital Management LP acquired a new stake in shares of HashiCorp during the second quarter worth $91,654,000. Geode Capital Management LLC lifted its position in HashiCorp by 18.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,522,002 shares of the company’s stock valued at $85,417,000 after acquiring an additional 385,118 shares in the last quarter. State Street Corp boosted its stake in HashiCorp by 14.5% in the 3rd quarter. State Street Corp now owns 2,239,850 shares of the company’s stock worth $75,841,000 after purchasing an additional 282,965 shares during the period. Finally, Alpine Associates Management Inc. increased its holdings in HashiCorp by 48.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock worth $72,533,000 after purchasing an additional 701,350 shares in the last quarter. 86.25% of the stock is currently owned by institutional investors.

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.