HashiCorp (NASDAQ:HCP) Now Covered by StockNews.com

StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP) in a report issued on Tuesday. The brokerage issued a hold rating on the stock.

Several other equities research analysts also recently weighed in on the company. Citigroup initiated coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target on the stock. JMP Securities restated 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 price target on shares of HashiCorp in a research report on Friday, August 30th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Price Performance

HCP stock opened at $34.22 on Tuesday. The company has a market capitalization of $7.00 billion, a P/E ratio of -56.10 and a beta of 1.21. HashiCorp has a 12 month low of $20.89 and a 12 month high of $34.26. The firm’s fifty day simple moving average is $33.82 and its 200-day simple moving average is $33.75.

Insiders Place Their Bets

In related news, CMO Marc Holmes sold 13,782 shares of HashiCorp stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $33.81, for a total transaction of $465,969.42. Following the transaction, the chief marketing officer now owns 8,754 shares in the company, valued at approximately $295,972.74. This trade represents a 61.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $33.80, for a total value of $1,213,555.20. Following the completion of the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at approximately $51,376,000. The trade was a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 229,204 shares of company stock worth $7,747,233. Corporate insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Pentwater Capital Management LP acquired a new position in HashiCorp in the second quarter valued at approximately $91,654,000. Magnetar Financial LLC acquired a new position in shares of HashiCorp in the 2nd quarter valued at $71,490,000. ING Groep NV lifted its stake in shares of HashiCorp by 851.2% in the 3rd quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock valued at $56,587,000 after purchasing an additional 1,495,500 shares during the last quarter. Alpine Associates Management Inc. purchased a new position in shares of HashiCorp during the 2nd quarter worth $48,541,000. Finally, Westchester Capital Management LLC increased its position in shares of HashiCorp by 60.5% during the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock worth $108,363,000 after purchasing an additional 1,206,073 shares during the last quarter. Hedge funds and other institutional investors 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.