HashiCorp (NASDAQ:HCP) Price Target Raised to $32.00

HashiCorp (NASDAQ:HCP) had its price target raised by equities research analysts at Bank of America from $28.00 to $32.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target would suggest a potential upside of 0.95% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. StockNews.com raised shares of HashiCorp from a “sell” rating to a “hold” rating in a research note on Monday. Needham & Company LLC boosted their price target on HashiCorp from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, March 4th. KeyCorp initiated coverage on HashiCorp in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. BTIG Research downgraded HashiCorp from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and issued a $34.00 target price on shares of HashiCorp in a 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.08.

HashiCorp Stock Performance

Shares of NASDAQ HCP traded up $2.55 during midday trading on Wednesday, reaching $31.70. The company’s stock had a trading volume of 9,207,956 shares, compared to its average volume of 2,531,398. The company has a market cap of $6.33 billion, a P/E ratio of -32.41 and a beta of 1.42. The business’s 50 day moving average price is $25.59 and its two-hundred day moving average price is $23.25. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $36.39.

HashiCorp (NASDAQ:HCP) last posted 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. The business had revenue of $155.78 million during the quarter, compared to the consensus estimate of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. Sell-side analysts forecast that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ledger Susan St. sold 17,895 shares of the company’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 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 SEC, which is available at the SEC website. In other HashiCorp news, insider Ledger Susan St. sold 17,895 shares of HashiCorp stock in a transaction that occurred on Thursday, March 21st. The stock was 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 in the company, valued at $3,333,417.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $26.30, for a total transaction of $365,990.80. The disclosure for this sale can be found here. Insiders have sold a total of 224,173 shares of company stock valued at $5,641,396 over the last ninety days. 26.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. lifted its holdings in shares of HashiCorp by 35.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock valued at $54,000 after purchasing an additional 615 shares in the last quarter. Industry Ventures L.L.C. bought a new position in HashiCorp during the 4th quarter valued at $157,000. Victory Capital Management Inc. boosted its holdings in HashiCorp by 35.5% during the 3rd 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. grew its stake in shares of HashiCorp by 6.7% in the 3rd quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after acquiring an additional 673 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings 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 valued at $246,000 after purchasing an additional 978 shares during the last quarter. 87.83% of the stock is owned by 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.