HashiCorp (NASDAQ:HCP) Sets New 12-Month High – Here’s Why

HashiCorp, Inc. (NASDAQ:HCP) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $34.57 and last traded at $34.44, with a volume of 5498377 shares. The stock had previously closed at $34.50.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HCP. StockNews.com upgraded shares of HashiCorp from a “hold” rating to a “buy” rating in a research report on Monday, January 13th. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a report on Monday, December 16th. Eleven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, HashiCorp has a consensus rating of “Hold” and a consensus price target of $32.08.

HashiCorp Stock Down 0.2 %

The stock has a market capitalization of $7.04 billion, a PE ratio of -56.46 and a beta of 1.18. The firm’s fifty day moving average is $34.25 and its 200-day moving average is $33.97.

Insiders Place Their Bets

In other HashiCorp news, CTO Armon Dadgar sold 17,800 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $34.23, for a total transaction of $609,294.00. Following the sale, the chief technology officer now directly owns 31,348 shares in the company, valued at approximately $1,073,042.04. The trade was a 36.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Mcjannet sold 47,526 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $34.22, for a total transaction of $1,626,339.72. Following the completion of 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,229 shares of company stock worth $3,441,256. Company insiders own 22.49% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

A number of hedge funds and other institutional investors have recently modified their holdings of HCP. Credit Industriel ET Commercial purchased a new position in HashiCorp in the 4th quarter valued at approximately $4,939,000. Alpine Global Management LLC acquired a new stake in HashiCorp in the fourth quarter valued at $1,710,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in HashiCorp by 55.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 428,975 shares of the company’s stock valued at $14,675,000 after purchasing an additional 152,462 shares during the last quarter. Woodline Partners LP increased its position in shares of HashiCorp by 50.0% in the fourth quarter. Woodline Partners LP now owns 1,500,001 shares of the company’s stock valued at $51,315,000 after buying an additional 500,000 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of HashiCorp during the 4th quarter worth $1,070,000. 86.25% 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.