BTIG Research Lowers HashiCorp (NASDAQ:HCP) to Neutral

HashiCorp (NASDAQ:HCP - Get Free Report) was downgraded by equities researchers at BTIG Research from a "buy" rating to a "neutral" rating in a report released on Wednesday, MarketBeat reports.

Other equities analysts have also recently issued reports about the stock. Scotiabank upgraded shares of HashiCorp from a "sector perform" rating to a "sector outperform" rating and set a $31.00 price objective for the company in a research report on Tuesday, March 12th. KeyCorp assumed coverage on shares of HashiCorp in a research report on Tuesday, March 19th. They issued a "sector weight" rating for the company. Piper Sandler restated a "neutral" rating and issued a $25.00 price target (up from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. Bank of America increased their price objective on shares of HashiCorp from $24.00 to $28.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 6th. Finally, Stifel Nicolaus increased their price objective on shares of HashiCorp from $26.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 6th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $29.08.

HashiCorp Stock Up 7.8 %

Shares of NASDAQ:HCP traded up $2.26 during midday trading on Wednesday, hitting $31.41. The stock had a trading volume of 22,745,055 shares, compared to its average volume of 2,721,235. The company's 50-day moving average price is $25.73 and its 200-day moving average price is $23.30. The company has a market capitalization of $6.27 billion, a P/E ratio of -32.05 and a beta of 1.42. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39.

HashiCorp (NASDAQ:HCP - Get Free Report) last issued its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.06. The company had revenue of $155.78 million during the quarter, compared to analysts' expectations of $149.47 million. HashiCorp had a negative net margin of 32.70% and a negative return on equity of 15.58%. Research analysts expect that HashiCorp will post -0.8 EPS for the current fiscal year.

Insider Activity

In related news, CEO David Mcjannet sold 33,331 shares of the firm's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $27.38, for a total transaction of $912,602.78. Following the transaction, the chief executive officer now directly owns 326,912 shares of the company's stock, valued at $8,950,850.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other HashiCorp news, CFO Navam Welihinda sold 5,000 shares of HashiCorp stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the sale, the chief financial officer now owns 62,844 shares of the company's stock, valued at $1,571,100. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David Mcjannet sold 33,331 shares of HashiCorp stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the completion of the sale, 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. Insiders sold 263,077 shares of company stock worth $6,597,742 over the last three months. 26.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HashiCorp

Several large investors have recently modified their holdings of HCP. Nomura Asset Management Co. Ltd. grew its stake in 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 acquiring an additional 615 shares in the last quarter. Industry Ventures L.L.C. purchased a new position in HashiCorp in the 4th quarter worth approximately $157,000. Victory Capital Management Inc. grew 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 buying an additional 2,768 shares in the last quarter. Xponance Inc. grew 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 buying an additional 673 shares in the last quarter. Finally, Principal Financial Group Inc. grew 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 buying an additional 978 shares in the last quarter. Hedge funds and other institutional investors own 87.83% of the company's stock.

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.