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

HashiCorp, Inc. (NASDAQ:HCP)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $34.57 and last traded at $34.44, with a volume of 5498377 shares changing hands. The stock had previously closed at $34.50.

Analysts Set New Price Targets

Several analysts have weighed in on HCP shares. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. StockNews.com upgraded shares of HashiCorp from a “hold” rating to a “buy” rating in a research note on Monday, January 13th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.27.

HashiCorp Stock Up 0.5 %

The company has a market capitalization of $7.15 billion, a price-to-earnings ratio of -57.36 and a beta of 1.18. The business’s 50-day moving average is $34.29 and its 200-day moving average is $33.99.

Insider Activity

In related news, CEO David Mcjannet sold 47,526 shares of HashiCorp stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the completion of the transaction, the chief executive officer now directly owns 465,978 shares in the company, valued at approximately $15,945,767.16. This trade represents a 9.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Armon Dadgar sold 17,800 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $34.23, for a total value of $609,294.00. Following the completion of the sale, the chief technology officer now owns 31,348 shares in the company, valued at approximately $1,073,042.04. This represents a 36.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,229 shares of company stock valued at $3,441,256 in the last quarter. 22.49% of the stock is currently owned by company insiders.

Institutional Trading of HashiCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Credit Industriel ET Commercial purchased a new stake in shares of HashiCorp during the 4th quarter worth about $4,939,000. Alpine Global Management LLC acquired a new position in HashiCorp in the 4th quarter worth about $1,710,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in HashiCorp by 55.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 428,975 shares of the company’s stock worth $14,675,000 after purchasing an additional 152,462 shares in the last quarter. Woodline Partners LP grew its holdings in HashiCorp by 50.0% in the fourth quarter. Woodline Partners LP now owns 1,500,001 shares of the company’s stock valued at $51,315,000 after purchasing an additional 500,000 shares during the period. Finally, Tidal Investments LLC acquired a new stake in HashiCorp in the fourth quarter valued at approximately $1,070,000. Institutional investors and hedge funds own 86.25% of the company’s stock.

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.