HashiCorp, Inc. (NASDAQ:HCP) is Westchester Capital Management LLC’s 4th Largest Position

Westchester Capital Management LLC raised its stake in HashiCorp, Inc. (NASDAQ:HCP) by 60.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,200,322 shares of the company’s stock after purchasing an additional 1,206,073 shares during the period. HashiCorp accounts for approximately 4.6% of Westchester Capital Management LLC’s investment portfolio, making the stock its 4th largest holding. Westchester Capital Management LLC owned about 1.58% of HashiCorp worth $108,363,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HCP. Advisors Asset Management Inc. grew its stake in HashiCorp by 43.0% during the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock worth $86,000 after buying an additional 961 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in HashiCorp during the 1st quarter valued at approximately $378,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of HashiCorp in the first quarter worth $1,070,000. California State Teachers Retirement System grew its holdings in shares of HashiCorp by 5.1% during the first quarter. California State Teachers Retirement System now owns 111,076 shares of the company’s stock valued at $2,993,000 after buying an additional 5,372 shares during the last quarter. Finally, Comerica Bank increased its position in shares of HashiCorp by 2.1% in the 1st quarter. Comerica Bank now owns 18,432 shares of the company’s stock valued at $497,000 after acquiring an additional 374 shares during the period. Hedge funds and other institutional investors own 87.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HCP shares. StockNews.com started coverage on shares of HashiCorp in a research report on Friday. They set a “hold” rating for the company. Piper Sandler reiterated a “neutral” rating and set a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Citigroup initiated coverage on HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 target price on the stock. Finally, JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $32.08.

Insider Buying and Selling

In other HashiCorp news, CEO David Mcjannet sold 48,055 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total value of $1,626,181.20. Following the transaction, the chief executive officer now owns 419,531 shares in the company, valued at approximately $14,196,929.04. This trade represents a 10.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $33.83, for a total transaction of $1,214,632.32. Following the sale, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at $51,421,600. The trade was a 2.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,208 shares of company stock worth $12,391,868. Insiders own 22.49% of the company’s stock.

HashiCorp Stock Performance

Shares of NASDAQ HCP opened at $33.62 on Friday. The firm has a fifty day moving average of $33.85 and a 200 day moving average of $33.70. The firm has a market cap of $6.82 billion, a PE ratio of -44.83 and a beta of 1.24. HashiCorp, Inc. has a one year low of $19.26 and a one year high of $34.21.

HashiCorp (NASDAQ:HCP) last released its earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The business had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The company’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.34) earnings per share. On average, equities analysts predict that HashiCorp, Inc. will post -0.48 EPS for the current fiscal year.

HashiCorp 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.