HashiCorp (NASDAQ:HCP) Rating Lowered to Sell at StockNews.com

StockNews.com cut shares of HashiCorp (NASDAQ:HCP) from a hold rating to a sell rating in a report issued on Monday morning.

A number of other research analysts also recently issued reports on the company. Oppenheimer restated an outperform rating and issued a $34.00 price objective on shares of HashiCorp in a research note on Wednesday, March 6th. Citigroup upped their price target on shares of HashiCorp from $22.00 to $24.00 and gave the company a neutral rating in a research note on Monday, January 22nd. Scotiabank raised shares of HashiCorp from a sector perform rating to a sector outperform rating and set a $31.00 target price on the stock in a report on Tuesday, March 12th. Bank of America raised their price target on HashiCorp from $24.00 to $28.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. Finally, KeyCorp began coverage on shares of HashiCorp in a report on Tuesday, March 19th. They set a sector weight rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, HashiCorp presently has a consensus rating of Moderate Buy and an average target price of $28.77.

HashiCorp Stock Performance

NASDAQ:HCP opened at $26.95 on Monday. The firm has a market cap of $5.28 billion, a P/E ratio of -27.50 and a beta of 1.41. The firm’s fifty day moving average is $24.69 and its 200-day moving average is $23.04. HashiCorp has a 52 week low of $18.91 and a 52 week high of $36.39.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings data on Tuesday, March 5th. The company reported ($0.15) earnings per share 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 analyst estimates 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 anticipate that HashiCorp will post -0.8 earnings per share for the current year.

Insider Activity

In related news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 121,702 shares of the company’s stock, valued at approximately $3,333,417.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 121,702 shares of the company’s stock, valued at $3,333,417.78. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Navam Welihinda sold 2,500 shares of HashiCorp stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $21.95, for a total value of $54,875.00. Following the completion of the sale, the chief financial officer now directly owns 62,844 shares in the company, valued at approximately $1,379,425.80. The disclosure for this sale can be found here. Insiders sold 262,577 shares of company stock valued at $6,334,848 over the last three months. Insiders own 26.13% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Several hedge funds have recently bought and sold shares of HCP. Bank of New York Mellon Corp purchased a new stake in shares of HashiCorp in the 1st quarter worth $2,742,000. Great West Life Assurance Co. Can purchased a new stake in shares of HashiCorp during the 1st quarter worth $3,795,000. Blair William & Co. IL purchased a new stake in HashiCorp in the first quarter valued at about $273,000. Vanguard Group Inc. increased its holdings in shares of HashiCorp by 21.9% in the first quarter. Vanguard Group Inc. now owns 1,278,704 shares of the company’s stock valued at $69,050,000 after purchasing an additional 229,768 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in HashiCorp during the first quarter worth about $2,722,000. Institutional investors own 87.83% of the company’s stock.

About HashiCorp

HashiCorp, Inc provides multi-cloud infrastructure automation solutions worldwide. The company offers Terraform, an infrastructure provisioning product that applies an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; and Vault, a secrets management and data protection product, which enables security teams to apply policies based on application and user identity to govern access to credentials and secure sensitive data.