Alpine Associates Management Inc. Buys 701,350 Shares of HashiCorp, Inc. (NASDAQ:HCP)

Alpine Associates Management Inc. raised its stake in HashiCorp, Inc. (NASDAQ:HCP) by 48.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,142,154 shares of the company’s stock after buying an additional 701,350 shares during the period. HashiCorp comprises about 3.3% of Alpine Associates Management Inc.’s portfolio, making the stock its 12th biggest position. Alpine Associates Management Inc.’s holdings in HashiCorp were worth $72,533,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. American Capital Advisory LLC bought a new stake in shares of HashiCorp in the 2nd quarter valued at about $40,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of HashiCorp during the 3rd quarter valued at about $51,000. Advisors Asset Management Inc. boosted its position in shares of HashiCorp by 43.0% during the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock valued at $86,000 after purchasing an additional 961 shares in the last quarter. Covestor Ltd boosted its position in shares of HashiCorp by 12,888.9% during the 1st quarter. Covestor Ltd now owns 3,507 shares of the company’s stock valued at $95,000 after purchasing an additional 3,480 shares in the last quarter. Finally, Quest Partners LLC boosted its position in shares of HashiCorp by 9,736.1% during the 2nd quarter. Quest Partners LLC now owns 3,541 shares of the company’s stock valued at $119,000 after purchasing an additional 3,505 shares in the last quarter. Institutional investors own 87.83% of the company’s stock.

HashiCorp Stock Up 0.0 %

Shares of HashiCorp stock opened at $33.61 on Wednesday. The company has a market cap of $6.82 billion, a PE ratio of -44.80 and a beta of 1.24. HashiCorp, Inc. has a 52 week low of $19.26 and a 52 week high of $34.21. The business has a 50 day moving average price of $33.88 and a 200-day moving average price of $33.66.

HashiCorp (NASDAQ:HCP) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The firm had revenue of $165.14 million during the quarter, compared to the consensus estimate of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.34) earnings per share. As a group, research analysts anticipate that HashiCorp, Inc. will post -0.48 EPS for the current year.

Insider Transactions at HashiCorp

In related news, CTO Armon Dadgar sold 35,904 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $33.85, for a total transaction of $1,215,350.40. Following the completion of the sale, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at approximately $51,452,000. This trade represents a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Navam Welihinda sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total value of $169,350.00. Following the sale, the chief financial officer now directly owns 88,322 shares of the company’s stock, valued at $2,991,466.14. The trade was a 5.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 371,209 shares of company stock valued at $12,559,456 over the last ninety days. 22.49% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 target price on the stock. StockNews.com assumed coverage on HashiCorp in a research report on Sunday. They set a “hold” rating on the stock. Piper Sandler restated a “neutral” rating and set a $35.00 target price on shares of HashiCorp in a research report on Friday, August 30th. Finally, JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $32.08.

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.