HashiCorp (NASDAQ:HCP) Price Target Raised to $32.00 at Bank of America

HashiCorp (NASDAQ:HCP) had its target price hoisted by equities researchers at Bank of America from $28.00 to $32.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 0.95% from the company’s previous close.

Several other analysts also recently weighed in on HCP. StockNews.com raised shares of HashiCorp from a “sell” rating to a “hold” rating in a report on Monday. TD Cowen upped their price objective on HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday, March 6th. Citigroup boosted their target price on shares of HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Monday, January 22nd. Oppenheimer reiterated an “outperform” rating and issued a $34.00 price target on shares of HashiCorp in a report on Wednesday, March 6th. Finally, Needham & Company LLC upped their target price on shares of HashiCorp from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.08.

HashiCorp Price Performance

Shares of HCP traded up $2.55 during mid-day 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. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39. The stock has a market cap of $6.33 billion, a PE ratio of -32.41 and a beta of 1.42. The company’s 50 day moving average is $25.59 and its 200 day moving average is $23.25.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings data on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.06. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. The company had revenue of $155.78 million for the quarter, compared to analyst estimates of $149.47 million. As a group, sell-side analysts anticipate that HashiCorp will post -0.8 EPS for the current fiscal year.

Insider Activity

In other HashiCorp news, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total transaction of $54,600.00. Following the sale, the chief financial officer now directly owns 62,844 shares of the company’s stock, valued at approximately $1,372,512.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated 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 owns 1,804,780 shares in the company, valued at approximately $41,546,035.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Navam Welihinda sold 2,500 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total value of $54,600.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,372,512.96. The disclosure for this sale can be found here. Insiders have sold 224,173 shares of company stock worth $5,641,396 over the last three months. 26.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. grew its position in shares of HashiCorp by 35.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,351 shares of the company’s stock worth $54,000 after acquiring an additional 615 shares in the last quarter. Industry Ventures L.L.C. acquired a new position in HashiCorp in the fourth quarter worth $157,000. Victory Capital Management Inc. increased its stake in HashiCorp by 35.5% during the third quarter. Victory Capital Management Inc. now owns 10,576 shares of the company’s stock valued at $241,000 after purchasing an additional 2,768 shares during the last quarter. Xponance Inc. raised its holdings in shares of HashiCorp by 6.7% during the third quarter. Xponance Inc. now owns 10,701 shares of the company’s stock worth $244,000 after purchasing an additional 673 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of 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 during the last quarter. 87.83% 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.