HashiCorp (NASDAQ:HCP) Receives “Hold” Rating from Truist Financial

HashiCorp (NASDAQ:HCP)‘s stock had its “hold” rating restated by research analysts at Truist Financial in a research report issued on Thursday, Benzinga reports. They currently have a $35.00 price target on the stock, up from their previous price target of $27.00. Truist Financial’s price objective would suggest a potential upside of 7.39% from the company’s current price.

HCP has been the topic of a number of other reports. Stifel Nicolaus raised their price target on shares of HashiCorp from $26.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Scotiabank upgraded shares of HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price target on the stock in a research note on Tuesday, March 12th. Morgan Stanley upgraded shares of HashiCorp from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $23.00 to $30.00 in a report on Monday, February 26th. KeyCorp initiated coverage on shares of HashiCorp in a report on Tuesday, March 19th. They issued a “sector weight” rating for the company. Finally, BTIG Research lowered shares of HashiCorp from a “buy” rating to a “neutral” rating in a report on Wednesday. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.77.

HashiCorp Stock Down 0.7 %

Shares of HashiCorp stock opened at $32.59 on Thursday. The firm’s 50-day moving average price is $26.08 and its two-hundred day moving average price is $23.44. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of -33.25 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. The company had revenue of $155.78 million for the quarter, compared to the consensus estimate of $149.47 million. On average, sell-side analysts expect that HashiCorp will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In other HashiCorp news, CFO Navam Welihinda sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total transaction of $83,520.00. Following the completion of the transaction, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Navam Welihinda sold 3,000 shares of HashiCorp stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $27.84, for a total value of $83,520.00. Following the completion of the sale, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.02, for a total transaction of $826,510.08. Following the completion of the sale, the chief technology officer now owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,427 shares of company stock worth $6,728,242. 26.13% of the stock is currently owned by insiders.

Institutional Trading of HashiCorp

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of HashiCorp by 10.3% in the 4th quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after acquiring an additional 999,671 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. grew its position in HashiCorp by 50.0% in the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after purchasing an additional 949,100 shares during the period. First Trust Advisors LP grew its position in HashiCorp by 35.7% in the 4th quarter. First Trust Advisors LP now owns 2,722,097 shares of the company’s stock valued at $64,350,000 after purchasing an additional 716,574 shares during the period. TimesSquare Capital Management LLC grew its position in HashiCorp by 10.4% in the 4th quarter. TimesSquare Capital Management LLC now owns 2,697,746 shares of the company’s stock valued at $63,775,000 after purchasing an additional 254,720 shares during the period. Finally, Federated Hermes Inc. grew its position in HashiCorp by 16.2% in the 4th quarter. Federated Hermes Inc. now owns 2,112,284 shares of the company’s stock valued at $49,934,000 after purchasing an additional 294,484 shares during the period. Institutional investors own 87.83% 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.