HashiCorp (NASDAQ:HCP) Price Target Lowered to $25.00 at BTIG Research

by · The Markets Daily

HashiCorp (NASDAQ:HCP – Free Report) had its price target reduced by BTIG Research from $33.00 to $25.00 in a research note released on Friday, Benzinga reports. BTIG Research currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on HCP. Stifel Nicolaus decreased their target price on shares of HashiCorp from $32.00 to $29.00 and set a buy rating for the company in a report on Friday, October 13th. Oppenheimer reissued an outperform rating and set a $42.00 price objective on shares of HashiCorp in a report on Friday, September 1st. StockNews.com assumed coverage on shares of HashiCorp in a report on Thursday, October 5th. They set a sell rating for the company. TD Cowen reissued a market perform rating and set a $23.00 price objective (down from $28.00) on shares of HashiCorp in a report on Friday. Finally, Citigroup reissued a neutral rating and set a $28.00 price objective on shares of HashiCorp in a report on Tuesday, September 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned 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 target price of $30.36.

Check Out Our Latest Stock Analysis on HCP

HashiCorp Stock Performance

Shares of HashiCorp stock opened at $20.81 on Friday. The stock has a market capitalization of $4.03 billion, a PE ratio of -19.27 and a beta of 1.26. HashiCorp has a 52-week low of $18.91 and a 52-week high of $37.31. The company has a 50-day simple moving average of $21.30 and a two-hundred day simple moving average of $25.57.

HashiCorp (NASDAQ:HCP – Get Free Report) last issued its earnings results on Thursday, December 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.07. The business had revenue of $146.10 million during the quarter, compared to analysts’ expectations of $143.21 million. HashiCorp had a negative net margin of 37.01% and a negative return on equity of 17.19%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.38) earnings per share. As a group, equities research analysts forecast that HashiCorp will post -1.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other HashiCorp news, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the chief financial officer now directly owns 62,458 shares in the company, valued at $1,561,450. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other HashiCorp news, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the chief financial officer now directly owns 62,458 shares in the company, valued at $1,561,450. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Mcjannet sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $25.01, for a total transaction of $5,002,000.00. Following the completion of the transaction, the chief executive officer now owns 176,165 shares of the company’s stock, valued at $4,405,886.65. The disclosure for this sale can be found here. Insiders sold a total of 556,408 shares of company stock worth $13,051,859 over the last three months. 26.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of HashiCorp by 6.3% during the third quarter. Wellington Management Group LLP now owns 1,983,301 shares of the company’s stock worth $45,279,000 after acquiring an additional 117,625 shares during the last quarter. Comerica Bank bought a new position in shares of HashiCorp during the third quarter worth $410,000. TimesSquare Capital Management LLC bought a new position in shares of HashiCorp during the third quarter worth $55,774,000. Tudor Investment Corp Et Al boosted its position in shares of HashiCorp by 141.2% during the third quarter. Tudor Investment Corp Et Al now owns 486,017 shares of the company’s stock worth $11,096,000 after acquiring an additional 284,511 shares during the last quarter. Finally, Morgan Stanley boosted its position in shares of HashiCorp by 10.1% during the third quarter. Morgan Stanley now owns 1,208,086 shares of the company’s stock worth $27,581,000 after acquiring an additional 110,404 shares during the last quarter. Institutional investors own 45.93% of the company’s stock.

About HashiCorp

(Get Free Report)

HashiCorp, Inc provides multi-cloud infrastructure automation solutions worldwide. The company offers Terraform, an infrastructure provisioning product that applies an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; and Vault, a secrets management and data protection product, which enables security teams to apply policies based on application and user identity to govern access to credentials and secure sensitive data.

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