BTIG Research Lowers HashiCorp (NASDAQ:HCP) to Neutral

HashiCorp (NASDAQ:HCP) was downgraded by equities research analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Briefing.com reports.

HCP has been the topic of several other reports. Bank of America increased their target price on shares of HashiCorp from $24.00 to $28.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. StockNews.com upgraded shares of HashiCorp from a “sell” rating to a “hold” rating in a research note on Monday. Piper Sandler restated a “neutral” rating and set a $25.00 price objective (up previously from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. TD Cowen raised their price objective on shares of HashiCorp from $23.00 to $26.00 and gave the company a “market perform” rating in a research report on Wednesday, March 6th. Finally, JMP Securities restated a “market outperform” rating and set a $38.00 price objective on shares of HashiCorp in a research report on Thursday, March 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.77.

HashiCorp Trading Up 18.7 %

Shares of HCP stock opened at $29.15 on Wednesday. The stock has a market capitalization of $5.82 billion, a P/E ratio of -29.74 and a beta of 1.42. The firm’s 50 day moving average is $25.59 and its 200 day moving average is $23.25. HashiCorp has a 12 month low of $18.91 and a 12 month high of $36.39.

HashiCorp (NASDAQ:HCP) last announced its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. On average, equities analysts predict that HashiCorp will post -0.8 EPS for the current year.

Insider Activity at HashiCorp

In related news, insider Ledger Susan St. sold 17,895 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $27.39, for a total transaction of $490,144.05. Following the transaction, the insider now 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 SEC, which is available through the SEC website. In other HashiCorp news, insider Ledger Susan St. sold 17,895 shares of the firm’s stock in a transaction 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 sale, the insider now owns 121,702 shares of the company’s stock, valued at approximately $3,333,417.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $23.02, for a total transaction of $826,510.08. Following the completion of the sale, the chief technology officer now directly owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 224,173 shares of company stock valued at $5,641,396. Insiders own 26.13% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

A number of large investors have recently added to or reduced their stakes in HCP. TimesSquare Capital Management LLC bought a new stake in shares of HashiCorp during the 3rd quarter valued at about $55,774,000. Atreides Management LP bought a new stake in shares of HashiCorp during the 3rd quarter valued at about $31,413,000. Artemis Investment Management LLP boosted its stake in shares of HashiCorp by 416.0% during the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after purchasing an additional 1,253,723 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of HashiCorp by 10.3% during the 4th quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock valued at $253,484,000 after purchasing an additional 999,671 shares in the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. boosted its stake in shares of HashiCorp by 50.0% during the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 2,849,100 shares of the company’s stock valued at $67,353,000 after purchasing an additional 949,100 shares in the last quarter. 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.