HashiCorp (NASDAQ:HCP) Reaches New 1-Year High – Still a Buy?

HashiCorp, Inc. (NASDAQ:HCP)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $34.57 and last traded at $34.44, with a volume of 5498377 shares trading hands. The stock had previously closed at $34.50.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com raised HashiCorp from a “hold” rating to a “buy” rating in a research note on Monday, January 13th. JMP Securities restated a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. Eleven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $32.08.

HashiCorp Trading Down 0.2 %

The firm’s fifty day moving average price is $34.25 and its 200 day moving average price is $33.97. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of -56.46 and a beta of 1.18.

Insiders Place Their Bets

In other HashiCorp news, CTO Armon Dadgar sold 35,903 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $33.58, for a total value of $1,205,622.74. Following the sale, the chief technology officer now directly owns 1,520,000 shares in the company, valued at $51,041,600. This trade represents a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Mcjannet sold 47,526 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $34.22, for a total value of $1,626,339.72. Following the transaction, the chief executive officer now directly owns 465,978 shares of the company’s stock, valued at approximately $15,945,767.16. This represents a 9.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,229 shares of company stock worth $3,441,256 in the last quarter. 22.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On HashiCorp

Several hedge funds have recently added to or reduced their stakes in HCP. Longfellow Investment Management Co. LLC purchased a new position in shares of HashiCorp in the 3rd quarter valued at $38,000. Blue Trust Inc. grew its holdings in shares of HashiCorp by 331.2% during the fourth quarter. Blue Trust Inc. now owns 2,057 shares of the company’s stock worth $70,000 after purchasing an additional 1,580 shares during the last quarter. KBC Group NV grew its holdings in shares of HashiCorp by 25.8% during the third quarter. KBC Group NV now owns 3,563 shares of the company’s stock worth $121,000 after purchasing an additional 731 shares during the last quarter. Sterling Capital Management LLC increased its position in shares of HashiCorp by 16.9% during the fourth quarter. Sterling Capital Management LLC now owns 3,627 shares of the company’s stock worth $124,000 after purchasing an additional 524 shares in the last quarter. Finally, Quest Partners LLC lifted its holdings in shares of HashiCorp by 64.8% in the 3rd quarter. Quest Partners LLC now owns 5,837 shares of the company’s stock valued at $198,000 after purchasing an additional 2,296 shares during the last quarter. 86.25% of the stock is currently owned by hedge funds and other 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.