HashiCorp (NASDAQ:HCP) Cut to “Neutral” at BTIG Research

HashiCorp (NASDAQ:HCP) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a research note issued on Wednesday, MarketBeat reports.

HCP has been the subject of several other research reports. Piper Sandler restated a “neutral” rating and set a $25.00 price objective (up previously from $22.00) on shares of HashiCorp in a report on Wednesday, March 6th. TD Cowen boosted their price objective on HashiCorp from $23.00 to $26.00 and gave the company a “market perform” rating in a report on Wednesday, March 6th. Oppenheimer restated an “outperform” rating and set a $34.00 price objective on shares of HashiCorp in a report on Wednesday, March 6th. Scotiabank upgraded HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 price objective for the company in a report on Tuesday, March 12th. Finally, JMP Securities restated a “market outperform” rating and set a $38.00 price objective on shares of HashiCorp in a report on Thursday, March 7th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $30.77.

HashiCorp Stock Performance

Shares of HCP stock opened at $32.82 on Wednesday. The company has a market cap of $6.55 billion, a P/E ratio of -33.49 and a beta of 1.42. The stock has a 50 day simple moving average of $25.90 and a two-hundred day simple moving average of $23.37. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.06. The business had revenue of $155.78 million during the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. On average, research analysts predict that HashiCorp will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In other HashiCorp news, insider Ledger Susan St. sold 17,895 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total value of $490,144.05. Following the transaction, the insider now owns 121,702 shares of the company’s stock, valued at $3,333,417.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Ledger Susan St. sold 17,895 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $27.39, for a total transaction of $490,144.05. Following the transaction, the insider now owns 121,702 shares of the company’s stock, valued at approximately $3,333,417.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Mcjannet sold 33,331 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total value of $912,602.78. Following the transaction, the chief executive officer now directly owns 326,912 shares in the company, valued at approximately $8,950,850.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,427 shares of company stock valued at $6,728,242. Insiders own 26.13% of the company’s stock.

Institutional Trading of HashiCorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. raised its stake in shares of HashiCorp by 35.4% during the 3rd 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 during the period. Industry Ventures L.L.C. bought a new stake in shares of HashiCorp during the 4th quarter valued at $157,000. Victory Capital Management Inc. increased its stake in HashiCorp by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock worth $241,000 after acquiring an additional 2,768 shares during the last quarter. Xponance Inc. increased its stake in HashiCorp by 6.7% in the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after acquiring an additional 673 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in HashiCorp by 10.0% in the 3rd quarter. Principal Financial Group Inc. now owns 10,778 shares of the company’s stock worth $246,000 after acquiring an additional 978 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors.

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.