Short Interest in HashiCorp, Inc. (NASDAQ:HCP) Drops By 12.8%

HashiCorp, Inc. (NASDAQ:HCPGet Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 6,460,000 shares, a drop of 12.8% from the February 29th total of 7,410,000 shares. Approximately 5.8% of the shares of the stock are sold short. Based on an average daily volume of 2,480,000 shares, the days-to-cover ratio is currently 2.6 days.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on HCP. Citigroup raised their price target on HashiCorp from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Monday, January 22nd. Piper Sandler restated a “neutral” rating and set a $25.00 price target (up from $22.00) on shares of HashiCorp in a research report on Wednesday, March 6th. Needham & Company LLC lifted their target price on HashiCorp from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, March 4th. Scotiabank upgraded HashiCorp from a “sector perform” rating to a “sector outperform” rating and set a $31.00 target price for the company in a report on Tuesday, March 12th. Finally, Truist Financial decreased their target price on HashiCorp from $34.00 to $27.00 and set a “buy” rating for the company in a report on Friday, December 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.77.

Read Our Latest Stock Report on HashiCorp

Insider Activity at HashiCorp

In related news, CFO Navam Welihinda sold 2,500 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $21.95, for a total value of $54,875.00. Following the completion of the sale, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,379,425.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $22.78, for a total transaction of $317,006.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Navam Welihinda sold 2,500 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $21.95, for a total value of $54,875.00. Following the transaction, the chief financial officer now owns 62,844 shares of the company’s stock, valued at $1,379,425.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 226,673 shares of company stock valued at $5,512,646. 26.13% of the stock is currently owned by insiders.

Institutional Trading of HashiCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in HCP. Citigroup Inc. increased its position in HashiCorp by 167.6% in the 4th quarter. Citigroup Inc. now owns 918 shares of the company’s stock valued at $25,000 after acquiring an additional 575 shares during the period. Geneos Wealth Management Inc. purchased a new stake in HashiCorp in the 1st quarter valued at approximately $33,000. Tower Research Capital LLC TRC boosted its holdings in HashiCorp by 82.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,692 shares of the company’s stock valued at $39,000 after purchasing an additional 766 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in HashiCorp by 94.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,761 shares of the company’s stock valued at $40,000 after purchasing an additional 857 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in HashiCorp by 188.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,769 shares of the company’s stock valued at $46,000 after purchasing an additional 1,155 shares in the last quarter. Institutional investors and hedge funds own 87.83% of the company’s stock.

HashiCorp Stock Down 2.2 %

Shares of NASDAQ HCP opened at $25.23 on Tuesday. The business has a 50-day moving average of $24.88 and a two-hundred day moving average of $23.01. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39.

HashiCorp (NASDAQ:HCPGet Free Report) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.06. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. The business had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. Equities research analysts anticipate that HashiCorp will post -0.8 EPS for the current fiscal year.

HashiCorp Company Profile

(Get Free Report)

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.

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