HashiCorp (NASDAQ:HCP) Hits New 12-Month High – Here’s Why

HashiCorp, Inc. (NASDAQ:HCP) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.21 and last traded at $34.20, with a volume of 1124104 shares changing hands. The stock had previously closed at $34.08.

Analysts Set New Price Targets

HCP has been the topic of several recent analyst reports. StockNews.com began coverage on shares of HashiCorp in a report on Tuesday. They issued a “hold” rating on the stock. Citigroup began coverage on shares of HashiCorp in a report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective on the stock. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research note on Monday. Finally, Piper Sandler reiterated a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a report on Friday, August 30th. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $32.08.

HashiCorp Stock Up 0.4 %

The firm has a market capitalization of $6.99 billion, a PE ratio of -56.06 and a beta of 1.21. The business’s fifty day moving average price is $33.81 and its 200 day moving average price is $33.75.

Insider Buying and Selling at HashiCorp

In related news, CTO Armon Dadgar sold 35,903 shares of the business’s stock in a transaction dated 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 sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at approximately $51,041,600. The trade was a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Marc Holmes sold 11,854 shares of HashiCorp stock in a transaction that occurred 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 sale, the chief marketing officer now owns 22,536 shares of the company’s stock, valued at approximately $762,618.24. The trade was a 34.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 352,291 shares of company stock worth $11,912,497. 22.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HCP. Longfellow Investment Management Co. LLC purchased a new stake in shares of HashiCorp in the third quarter valued at $38,000. American Capital Advisory LLC acquired a new position in HashiCorp in the 2nd quarter valued at about $40,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in HashiCorp in the 3rd quarter valued at about $51,000. Quest Partners LLC boosted its stake in shares of HashiCorp by 9,736.1% during the 2nd quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock worth $119,000 after purchasing an additional 3,505 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of HashiCorp by 25.8% during the third quarter. KBC Group NV now owns 3,563 shares of the company’s stock worth $121,000 after buying an additional 731 shares in the last quarter. Hedge funds and other institutional investors own 86.25% of the company’s stock.

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.