HashiCorp (NASDAQ:HCP) Price Target Raised to $35.00

HashiCorp (NASDAQ:HCP) had its price target hoisted by research analysts at Piper Sandler from $25.00 to $35.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 11.43% from the stock’s previous close.

HCP has been the topic of a number of other research reports. Bank of America raised their target price on shares of HashiCorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday. BTIG Research lowered HashiCorp from a “buy” rating to a “neutral” rating in a research note on Wednesday. StockNews.com raised HashiCorp from a “sell” rating to a “hold” rating in a research note on Monday. Stifel Nicolaus upped their price objective 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of HashiCorp in a research report on Thursday. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, HashiCorp presently has a consensus rating of “Hold” and an average price target of $30.46.

HashiCorp Stock Performance

HashiCorp stock opened at $31.41 on Thursday. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39. The stock has a fifty day moving average of $25.73 and a two-hundred day moving average of $23.30. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -32.05 and a beta of 1.42.

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

Insider Buying and Selling

In other HashiCorp news, CEO David Mcjannet sold 33,331 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total transaction of $912,602.78. Following the sale, the chief executive officer now directly owns 326,912 shares of the company’s stock, valued at $8,950,850.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 326,912 shares of the company’s stock, valued at approximately $8,950,850.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the 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 completion of the sale, the chief technology officer now directly owns 1,804,780 shares in the company, valued at $41,546,035.60. The disclosure for this sale can be found here. Insiders have sold 263,077 shares of company stock worth $6,597,742 over the last ninety days. 26.13% of the stock is owned by insiders.

Hedge Funds Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently made changes to their positions in HCP. Nomura Asset Management Co. Ltd. boosted its position in HashiCorp by 35.4% during 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 period. Industry Ventures L.L.C. bought a new stake in shares of HashiCorp during the fourth quarter valued at about $157,000. Victory Capital Management Inc. lifted its holdings in HashiCorp by 35.5% in the third quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after purchasing an additional 2,768 shares during the period. Xponance Inc. lifted its holdings in HashiCorp by 6.7% in the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after purchasing an additional 673 shares during the period. Finally, Principal Financial Group Inc. grew its position in HashiCorp by 10.0% in the 3rd 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.