HashiCorp (NASDAQ:HCP) Hits New 52-Week High – Here’s What Happened

Shares of HashiCorp, Inc. (NASDAQ:HCP) hit a new 52-week high on Friday . The company traded as high as $34.39 and last traded at $34.38, with a volume of 2306720 shares. The stock had previously closed at $34.17.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. StockNews.com began coverage on shares of HashiCorp in a report on Sunday, December 29th. They set a “hold” rating on the stock. JMP Securities reissued 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.08.

HashiCorp Price Performance

The company has a market capitalization of $7.03 billion, a PE ratio of -56.36 and a beta of 1.21. The firm’s 50 day moving average is $33.90 and its 200 day moving average is $33.79.

Insiders Place Their Bets

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $33.86, for a total value of $1,215,709.44. Following the completion of the transaction, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at approximately $51,467,200. The trade was a 2.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Mcjannet sold 47,526 shares of the stock in a transaction on Friday, December 20th. The shares were 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 directly owns 465,978 shares in the company, valued at $15,945,767.16. The trade was a 9.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,940 shares of company stock worth $7,088,351. 22.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of HashiCorp by 42.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 675,550 shares of the company’s stock valued at $22,759,000 after purchasing an additional 200,837 shares during the last quarter. Maryland State Retirement & Pension System bought a new stake in shares of HashiCorp in the 2nd quarter valued at about $247,000. Rhumbline Advisers grew its stake in HashiCorp by 8.6% during the 2nd quarter. Rhumbline Advisers now owns 116,947 shares of the company’s stock worth $3,940,000 after buying an additional 9,296 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of HashiCorp by 32.8% during the second quarter. Victory Capital Management Inc. now owns 18,217 shares of the company’s stock worth $614,000 after buying an additional 4,504 shares during the period. Finally, Arizona State Retirement System raised its position in HashiCorp by 3.5% during the 2nd quarter. Arizona State Retirement System now owns 31,921 shares of the company’s stock worth $1,075,000 after buying an additional 1,065 shares during the last quarter. 86.25% of the stock is owned by hedge funds and other 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.