Scotiabank Reaffirms Sector Perform Rating for HashiCorp (NASDAQ:HCP)

HashiCorp (NASDAQ:HCP)‘s stock had its “sector perform” rating reissued by investment analysts at Scotiabank in a research note issued to investors on Thursday, Benzinga reports. They currently have a $35.00 price target on the stock, up from their previous price target of $31.00. Scotiabank’s price objective indicates a potential upside of 6.35% from the stock’s current price.

HCP has been the subject of several other research reports. BTIG Research cut HashiCorp from a “buy” rating to a “neutral” rating in a research report on Wednesday. Piper Sandler increased their target price on HashiCorp from $25.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday. Oppenheimer reissued an “outperform” rating and issued a $34.00 target price on shares of HashiCorp in a report on Wednesday, March 6th. StockNews.com upgraded HashiCorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Truist Financial restated a “hold” rating and set a $35.00 price target (up from $27.00) on shares of HashiCorp in a research report on Thursday. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $30.77.

HashiCorp Stock Performance

Shares of HCP stock traded up $1.50 on Thursday, reaching $32.91. 11,359,560 shares of the company’s stock traded hands, compared to its average volume of 2,813,943. HashiCorp has a 12-month low of $18.91 and a 12-month high of $36.39. The company has a market capitalization of $6.57 billion, a P/E ratio of -33.61 and a beta of 1.42. The business’s 50 day moving average price is $25.73 and its two-hundred day moving average price is $23.30.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results 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. The company 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%. Research analysts predict that HashiCorp will post -0.8 earnings per share for the current year.

Insider Transactions at HashiCorp

In other news, CFO Navam Welihinda sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $21.84, for a total transaction of $54,600.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares in the company, valued at $1,372,512.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CMO Marc Holmes sold 13,916 shares of HashiCorp stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $24.99, for a total value of $347,760.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Navam Welihinda sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $21.84, for a total transaction of $54,600.00. Following the transaction, 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 sold a total of 263,077 shares of company stock worth $6,597,742 over the last quarter. Company insiders own 26.13% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HCP. Diversified Trust Co acquired a new position in shares of HashiCorp during the first quarter worth $416,000. Artemis Investment Management LLP increased its holdings in shares of HashiCorp by 416.0% during the first quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock worth $41,891,000 after buying an additional 1,253,723 shares in the last quarter. Renaissance Capital LLC grew its stake in shares of HashiCorp by 3.0% in the first quarter. Renaissance Capital LLC now owns 63,964 shares of the company’s stock worth $1,724,000 after purchasing an additional 1,857 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of HashiCorp by 10.3% in the fourth quarter. Vanguard Group Inc. now owns 10,722,671 shares of the company’s stock worth $253,484,000 after purchasing an additional 999,671 shares during the last quarter. Finally, University of Texas Texas AM Investment Managment Co. bought a new stake in shares of HashiCorp in the fourth quarter worth $2,359,000. 87.83% of the stock is currently owned by institutional investors and hedge funds.

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.