HashiCorp (NASDAQ:HCP) Shares Up 8.3% Following Analyst Upgrade

HashiCorp, Inc. (NASDAQ:HCP) shares traded up 8.3% during trading on Wednesday after Bank of America raised their price target on the stock from $28.00 to $32.00. Bank of America currently has a neutral rating on the stock. HashiCorp traded as high as $32.22 and last traded at $31.57. 11,625,278 shares were traded during trading, an increase of 351% from the average session volume of 2,578,926 shares. The stock had previously closed at $29.15.

Several other equities analysts have also recently weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $34.00 price target on shares of HashiCorp in a research report on Wednesday, March 6th. Morgan Stanley raised HashiCorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $23.00 to $30.00 in a research note on Monday, February 26th. Stifel Nicolaus lifted their price target on HashiCorp from $26.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. StockNews.com raised HashiCorp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, JMP Securities restated a “market outperform” rating and set a $38.00 price target on shares of HashiCorp in a report on Thursday, March 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.08.

Insider Activity

In other news, CFO Navam Welihinda sold 3,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total value of $83,520.00. Following the completion of the sale, the chief financial officer now directly owns 93,925 shares in the company, valued at approximately $2,614,872. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other HashiCorp news, CFO Navam Welihinda sold 3,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $27.84, for a total value of $83,520.00. Following the completion of the sale, the chief financial officer now owns 93,925 shares in the company, valued at approximately $2,614,872. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Marc Holmes sold 8,009 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $27.38, for a total value of $219,286.42. Following the completion of the sale, the chief marketing officer now owns 14,767 shares of the company’s stock, valued at approximately $404,320.46. The disclosure for this sale can be found here. Insiders have sold 263,077 shares of company stock valued at $6,597,742 in the last ninety days. 26.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. grew its position in shares of HashiCorp by 35.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after purchasing an additional 615 shares in the last quarter. Industry Ventures L.L.C. bought a new position in shares of HashiCorp in the 4th quarter valued at about $157,000. Victory Capital Management Inc. lifted its holdings in shares of HashiCorp by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after acquiring an additional 2,768 shares during the last quarter. Xponance Inc. lifted its holdings in shares of HashiCorp by 6.7% in the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock valued at $244,000 after acquiring an additional 673 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of 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 acquiring an additional 978 shares during the last quarter. Hedge funds and other institutional investors own 87.83% of the company’s stock.

HashiCorp Stock Performance

The stock’s fifty day moving average is $25.73 and its 200 day moving average is $23.30. The stock has a market cap of $6.27 billion, a P/E ratio of -32.05 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last announced its quarterly 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 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. Equities research analysts predict that HashiCorp, Inc. will post -0.8 EPS for the current year.

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.