HashiCorp (NASDAQ:HCP) Stock Rating Reaffirmed by Scotiabank

Scotiabank reaffirmed their sector perform rating on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $35.00 target price on the stock, up from their prior target price of $31.00.

Several other analysts have also recently issued reports on HCP. BTIG Research cut shares of HashiCorp from a buy rating to a neutral rating in a research report on Wednesday, April 24th. KeyCorp initiated coverage on HashiCorp in a research report on Tuesday, March 19th. They issued a sector weight rating for the company. Oppenheimer reiterated an outperform rating and set a $34.00 price target on shares of HashiCorp in a report on Wednesday, March 6th. Piper Sandler boosted their target price on HashiCorp from $25.00 to $35.00 and gave the company a neutral rating in a research report on Thursday. Finally, Citigroup increased their price target on HashiCorp from $22.00 to $24.00 and gave the stock a neutral rating in a report on Monday, January 22nd. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, HashiCorp presently has an average rating of Hold and a consensus price target of $30.77.

HashiCorp Trading Down 0.7 %

Shares of HashiCorp stock opened at $32.59 on Thursday. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39. The stock has a 50 day moving average of $26.08 and a 200 day moving average of $23.46. The firm has a market cap of $6.50 billion, a PE ratio of -33.26 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last posted its 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 firm had revenue of $155.78 million during the quarter, compared to the consensus estimate of $149.47 million. As a group, equities research analysts forecast that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Transactions at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction that occurred on Friday, February 2nd. The shares were 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 of the company’s stock, valued at $41,546,035.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated 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 owns 1,804,780 shares in the company, valued at $41,546,035.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Navam Welihinda sold 2,500 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total transaction of $54,600.00. Following the completion of the transaction, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,372,512.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,427 shares of company stock valued at $6,728,242. Company insiders own 26.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Peregrine Capital Management LLC boosted its holdings in HashiCorp by 5.3% in the first quarter. Peregrine Capital Management LLC now owns 270,064 shares of the company’s stock worth $7,278,000 after acquiring an additional 13,669 shares in the last quarter. Diversified Trust Co purchased a new stake in HashiCorp during the 1st quarter worth approximately $416,000. Artemis Investment Management LLP grew its position in HashiCorp by 416.0% during the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock worth $41,891,000 after purchasing an additional 1,253,723 shares during the last quarter. Renaissance Capital LLC increased its stake in HashiCorp by 3.0% during the 1st quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock valued at $1,724,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of HashiCorp by 10.3% during the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after buying an additional 999,671 shares during the period. 87.83% of the stock is currently 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.