Piper Sandler Increases HashiCorp (NASDAQ:HCP) Price Target to $35.00

HashiCorp (NASDAQ:HCP - Free Report) had its price objective upped by Piper Sandler from $25.00 to $35.00 in a report published on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently weighed in on HCP. TD Cowen upped their target price on shares of HashiCorp from $23.00 to $26.00 and gave the stock a market perform rating in a research note on Wednesday, March 6th. Oppenheimer reaffirmed an outperform rating and set a $34.00 target price on shares of HashiCorp in a research note on Wednesday, March 6th. StockNews.com raised shares of HashiCorp from a sell rating to a hold rating in a research note on Monday. JMP Securities reaffirmed a market outperform rating and set a $38.00 target price on shares of HashiCorp in a research note on Thursday, March 7th. Finally, Truist Financial reaffirmed a hold rating and set a $35.00 target price (up from $27.00) on shares of HashiCorp in a research note on Thursday. 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 has an average rating of Hold and a consensus price target of $30.77.

HashiCorp Stock Performance

Shares of HashiCorp stock traded up $1.41 on Thursday, reaching $32.82. The company had a trading volume of 36,291,285 shares, compared to its average volume of 3,149,030. The firm's 50 day moving average price is $25.73 and its two-hundred day moving average price is $23.30. The firm has a market cap of $6.55 billion, a PE ratio of -33.61 and a beta of 1.42. HashiCorp has a 52-week low of $18.91 and a 52-week high of $36.39.

HashiCorp (NASDAQ:HCP - Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.06. The business had revenue of $155.78 million for the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. As a group, sell-side analysts predict that HashiCorp will post -0.8 EPS for the current year.

Insider Buying and Selling

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the company's stock in a transaction 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 completion of the transaction, the chief technology officer now owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $27.39, for a total value of $490,144.05. Following the completion of the transaction, the insider now owns 121,702 shares in the company, valued at approximately $3,333,417.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm'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 $41,546,035.60. The disclosure for this sale can be found here. Insiders sold a total of 267,427 shares of company stock worth $6,728,242 in the last 90 days. Company insiders own 26.13% of the company's stock.

Hedge Funds Weigh In On HashiCorp

Several hedge funds have recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. boosted 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 worth $54,000 after purchasing an additional 615 shares during the last quarter. Industry Ventures L.L.C. acquired a new stake in shares of HashiCorp in the fourth quarter worth approximately $157,000. Victory Capital Management Inc. boosted its position in shares of HashiCorp by 35.5% in the third 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. boosted its position in shares of HashiCorp by 6.7% in the third 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. boosted its position in shares of HashiCorp by 10.0% in the third 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 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.