StockNews.com Initiates Coverage on HashiCorp (NASDAQ:HCP)

StockNews.com initiated coverage on shares of HashiCorp (NASDAQ:HCP) in a research note issued to investors on Sunday. The firm set a “hold” rating on the stock.

Several other research analysts also recently issued reports on HCP. Citigroup initiated coverage on shares of HashiCorp in a report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price target for the company. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research report on Monday, December 16th. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, HashiCorp presently has a consensus rating of “Hold” and a consensus price target of $32.08.

HashiCorp Stock Up 0.1 %

Shares of HashiCorp stock opened at $34.21 on Friday. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of -56.08 and a beta of 1.21. The company has a 50-day simple moving average of $33.87 and a two-hundred day simple moving average of $33.78. HashiCorp has a twelve month low of $20.89 and a twelve month high of $34.33.

Insider Activity at HashiCorp

In related news, CEO David Mcjannet sold 47,526 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $34.22, for a total value of $1,626,339.72. Following the transaction, the chief executive officer now owns 465,978 shares of the company’s stock, valued at $15,945,767.16. This represents a 9.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $33.82, for a total value of $1,214,273.28. Following the transaction, the chief technology officer now directly owns 1,520,000 shares in the company, valued at approximately $51,406,400. This represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 244,844 shares of company stock worth $8,303,342. Corporate insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Magnetar Financial LLC bought a new position in shares of HashiCorp in the 2nd quarter worth approximately $71,490,000. ING Groep NV grew its stake in shares of HashiCorp by 851.2% in the third quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock worth $56,587,000 after acquiring an additional 1,495,500 shares during the period. Alpine Associates Management Inc. purchased a new position in shares of HashiCorp in the 2nd quarter worth $48,541,000. Westchester Capital Management LLC grew its stake in shares of HashiCorp by 60.5% during the 3rd quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock valued at $108,363,000 after purchasing an additional 1,206,073 shares during the period. Finally, Water Island Capital LLC purchased a new stake in HashiCorp during the second quarter valued at approximately $37,762,000. 86.25% of the stock is currently 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.