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

HashiCorp (NASDAQ:HCP)‘s stock had its “hold” rating reiterated by stock analysts at Truist Financial in a research note issued to investors on Thursday, Benzinga reports. They currently have a $35.00 target price on the stock, up from their prior target price of $27.00. Truist Financial’s price objective would indicate a potential upside of 11.43% from the stock’s current price.

HCP has been the topic of a number of other reports. Oppenheimer restated an “outperform” rating and set a $34.00 price target on shares of HashiCorp in a research report on Wednesday, March 6th. Morgan Stanley upgraded HashiCorp from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $23.00 to $30.00 in a research report on Monday, February 26th. Piper Sandler reiterated a “neutral” rating and set a $25.00 price target (up from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. Needham & Company LLC restated a “hold” rating on shares of HashiCorp in a report on Thursday. Finally, KeyCorp began coverage on HashiCorp in a report on Tuesday, March 19th. They set a “sector weight” rating on the stock. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $29.69.

HashiCorp Price Performance

Shares of HCP stock opened at $31.41 on Thursday. The business has a 50 day simple moving average of $25.73 and a 200 day simple moving average of $23.30. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of -32.05 and a beta of 1.42. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39.

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

Insider Buying and Selling

In other news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total value of $490,144.05. Following the completion of the sale, the insider now owns 121,702 shares in the company, valued at $3,333,417.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Navam Welihinda sold 3,000 shares of the company’s 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 transaction, the chief financial officer now directly owns 93,925 shares of the company’s stock, valued at $2,614,872. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ledger Susan St. sold 17,895 shares of HashiCorp stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.39, for a total value of $490,144.05. Following the sale, the insider now directly owns 121,702 shares of the company’s stock, valued at approximately $3,333,417.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,077 shares of company stock valued at $6,597,742. Company insiders own 26.13% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in HCP. SG Americas Securities LLC raised its position in HashiCorp by 47.6% during the third quarter. SG Americas Securities LLC now owns 39,928 shares of the company’s stock valued at $912,000 after acquiring an additional 12,884 shares in the last quarter. Peregrine Capital Management LLC increased its stake in shares of HashiCorp by 3.5% during the 3rd quarter. Peregrine Capital Management LLC now owns 303,525 shares of the company’s stock worth $6,929,000 after purchasing an additional 10,322 shares during the last quarter. Xponance Inc. raised its holdings in shares of HashiCorp by 6.7% during the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after purchasing an additional 673 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of HashiCorp by 10.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 337,516 shares of the company’s stock valued at $7,705,000 after purchasing an additional 32,006 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in HashiCorp by 19.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 69,596 shares of the company’s stock worth $1,589,000 after buying an additional 11,278 shares during the last quarter. 87.83% of the stock is owned by hedge funds and other 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.