Brokerages Set HashiCorp, Inc. (NASDAQ:HCP) Target Price at $30.77

HashiCorp, Inc. (NASDAQ:HCP) has been assigned a consensus rating of “Hold” from the fourteen research firms that are presently covering the company, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $30.77.

HCP has been the subject of several recent analyst reports. Stifel Nicolaus upped 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. Needham & Company LLC reaffirmed a “hold” rating on shares of HashiCorp in a research note on Thursday, April 25th. Truist Financial restated a “hold” rating and issued a $35.00 target price (up from $27.00) on shares of HashiCorp in a report on Thursday, April 25th. Scotiabank reiterated a “sector perform” rating and set a $35.00 price objective (up previously from $31.00) on shares of HashiCorp in a research report on Thursday, April 25th. Finally, BTIG Research downgraded shares of HashiCorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 24th.

HashiCorp Stock Down 0.4 %

Shares of HCP stock opened at $32.46 on Friday. The company has a 50 day moving average price of $26.45 and a 200-day moving average price of $23.62. HashiCorp has a 52 week low of $18.91 and a 52 week high of $36.39. The firm has a market capitalization of $6.48 billion, a PE ratio of -33.12 and a beta of 1.42.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, topping 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 business had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. Analysts anticipate that HashiCorp will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated 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 in the company, valued at $41,546,035.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated 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 owns 1,804,780 shares of the company’s stock, valued at approximately $41,546,035.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the chief financial officer now directly owns 62,844 shares in the company, valued at approximately $1,571,100. The disclosure for this sale can be found here. Insiders have sold a total of 267,427 shares of company stock valued at $6,728,242 in the last 90 days. 26.13% of the stock is owned by insiders.

Institutional Investors Weigh In On HashiCorp

Several institutional investors and hedge funds have recently modified their holdings of the company. Perigon Wealth Management LLC increased its holdings in HashiCorp by 26.9% during the 1st quarter. Perigon Wealth Management LLC now owns 121,456 shares of the company’s stock worth $3,273,000 after purchasing an additional 25,770 shares during the period. Sycomore Asset Management grew its holdings in shares of HashiCorp by 52.2% during the first quarter. Sycomore Asset Management now owns 308,411 shares of the company’s stock worth $8,198,000 after purchasing an additional 105,772 shares during the last quarter. Peregrine Capital Management LLC increased its position in HashiCorp by 5.3% during the first quarter. Peregrine Capital Management LLC now owns 270,064 shares of the company’s stock worth $7,278,000 after buying an additional 13,669 shares during the period. Diversified Trust Co purchased a new stake in HashiCorp in the 1st quarter valued at $416,000. Finally, 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. Hedge funds and other institutional investors own 87.83% of the company’s stock.

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.