BTIG Research Lowers HashiCorp (NASDAQ:HCP) to Neutral

BTIG Research lowered shares of HashiCorp (NASDAQ:HCP) from a buy rating to a neutral rating in a report issued on Wednesday, MarketBeat.com reports.

HCP has been the topic of several other research reports. TD Cowen upped their price objective on HashiCorp from $23.00 to $26.00 and gave the company a market perform rating in a research note on Wednesday, March 6th. KeyCorp initiated coverage on HashiCorp in a research report on Tuesday, March 19th. They set a sector weight rating on the stock. StockNews.com upgraded HashiCorp from a sell rating to a hold rating in a research report on Monday, April 22nd. Oppenheimer reiterated an outperform rating and set a $34.00 price target on shares of HashiCorp in a research report on Wednesday, March 6th. Finally, Scotiabank upgraded HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 target price on the stock in a research report on Tuesday, March 12th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $30.77.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $32.59 on Wednesday. The stock’s 50 day moving average price is $26.08 and its two-hundred day moving average price is $23.44. HashiCorp has a 52-week low of $18.91 and a 52-week high of $36.39.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. On average, analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insider Activity

In other news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction of $826,510.08. Following the transaction, the chief technology officer now directly owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total value of $826,510.08. Following the transaction, the chief technology officer now directly owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Mcjannet sold 33,331 shares of HashiCorp stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $27.38, for a total value of $912,602.78. Following the completion of the transaction, the chief executive officer now owns 326,912 shares in the company, valued at $8,950,850.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,427 shares of company stock worth $6,728,242. 26.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On HashiCorp

Hedge funds have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. grew its holdings in shares of HashiCorp by 35.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock worth $54,000 after acquiring an additional 615 shares during the last quarter. Industry Ventures L.L.C. purchased a new position in shares of HashiCorp during the fourth quarter valued at $157,000. Victory Capital Management Inc. grew its holdings in shares of HashiCorp by 35.5% during the third quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after buying an additional 2,768 shares in the last quarter. Xponance Inc. grew its holdings in shares of HashiCorp by 6.7% during the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after buying an additional 673 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of HashiCorp by 10.0% during the third quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock valued at $246,000 after buying an additional 978 shares in the last quarter. 87.83% of the stock is currently owned by institutional investors and hedge funds.

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.