HashiCorp (NASDAQ:HCP) Reaches New 52-Week High – Should You Buy?

HashiCorp, Inc. (NASDAQ:HCP)’s share price reached a new 52-week high on Friday . The stock traded as high as $34.39 and last traded at $34.38, with a volume of 2306720 shares changing hands. The stock had previously closed at $34.17.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on HCP shares. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research note on Monday, December 16th. StockNews.com started coverage on shares of HashiCorp in a research note on Sunday, December 29th. They issued a “hold” rating for the company. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Price Performance

The stock has a 50-day moving average price of $33.92 and a 200-day moving average price of $33.79. The firm has a market capitalization of $7.03 billion, a PE ratio of -56.36 and a beta of 1.18.

Insider Buying and Selling

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $33.82, for a total value of $1,214,273.28. Following the completion of the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at approximately $51,406,400. This represents a 2.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Mcjannet sold 47,526 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $34.22, for a total value of $1,626,339.72. Following the completion of the transaction, the chief executive officer now directly owns 465,978 shares of the company’s stock, valued at $15,945,767.16. This trade represents a 9.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 208,940 shares of company stock worth $7,088,351 over the last ninety days. 22.49% of the stock is owned by insiders.

Institutional Investors Weigh In On HashiCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. boosted its stake in shares of HashiCorp by 3.1% during the 2nd quarter. Xponance Inc. now owns 10,271 shares of the company’s stock worth $346,000 after acquiring an additional 305 shares in the last quarter. KBC Group NV boosted its position in shares of HashiCorp by 25.8% in the 3rd quarter. KBC Group NV now owns 3,563 shares of the company’s stock valued at $121,000 after purchasing an additional 731 shares during the period. Victory Capital Management Inc. increased its stake in HashiCorp by 4.8% in the 3rd quarter. Victory Capital Management Inc. now owns 19,090 shares of the company’s stock worth $646,000 after purchasing an additional 873 shares in the last quarter. Arizona State Retirement System raised its holdings 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 period. Finally, Longfellow Investment Management Co. LLC purchased a new stake in HashiCorp during the third quarter valued at about $38,000. Institutional investors own 86.25% of the company’s stock.

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.