HashiCorp (NASDAQ:HCP) Sets New 12-Month High – Should You Buy?

HashiCorp, Inc. (NASDAQ:HCP) shares hit a new 52-week high on Wednesday . The stock traded as high as $34.47 and last traded at $34.46, with a volume of 313120 shares trading hands. The stock had previously closed at $34.37.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on HCP. JMP Securities restated a “market perform” rating on shares of HashiCorp in a report on Monday, December 16th. StockNews.com upgraded HashiCorp from a “hold” rating to a “buy” rating in a research report on Monday, January 13th. Eleven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, HashiCorp currently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Stock Performance

The company has a market capitalization of $7.05 billion, a PE ratio of -56.50 and a beta of 1.18. The business has a fifty day moving average price of $34.19 and a 200 day moving average price of $33.95.

Insider Transactions at HashiCorp

In other HashiCorp news, CTO Armon Dadgar sold 35,903 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $33.58, for a total value of $1,205,622.74. Following the completion of the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,041,600. This represents a 2.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Mcjannet sold 47,526 shares of HashiCorp stock in a transaction that occurred on 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 sale, the chief executive officer now owns 465,978 shares in the company, valued at $15,945,767.16. This represents a 9.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,132 shares of company stock valued at $4,658,368 over the last 90 days. Corporate insiders own 22.49% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Townsend Asset Management Corp NC ADV acquired a new stake in shares of HashiCorp during the third quarter valued at about $205,000. Amalgamated Bank boosted its holdings in HashiCorp by 43.7% in the third quarter. Amalgamated Bank now owns 9,085 shares of the company’s stock valued at $308,000 after purchasing an additional 2,762 shares during the last quarter. Principal Financial Group Inc. grew its stake in HashiCorp by 41.9% during the 3rd quarter. Principal Financial Group Inc. now owns 11,516 shares of the company’s stock valued at $390,000 after purchasing an additional 3,399 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in HashiCorp by 5.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,686 shares of the company’s stock worth $1,987,000 after purchasing an additional 3,118 shares during the last quarter. Finally, Wolverine Asset Management LLC raised its position in shares of HashiCorp by 27.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 103,118 shares of the company’s stock valued at $3,492,000 after purchasing an additional 22,176 shares in the last quarter. Hedge funds and other institutional investors own 86.25% of the company’s stock.

About HashiCorp

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.