HashiCorp, Inc. (NASDAQ:HCP) Short Interest Down 9.1% in October

HashiCorp, Inc. (NASDAQ:HCP) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 10,480,000 shares, a decline of 9.1% from the October 15th total of 11,530,000 shares. Based on an average daily volume of 1,880,000 shares, the short-interest ratio is presently 5.6 days. Approximately 7.0% of the company’s stock are short sold.

Insider Activity at HashiCorp

In other news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $33.85, for a total value of $1,215,350.40. Following 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Mcjannet sold 48,055 shares of the business’s stock in a transaction dated 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 directly owns 419,531 shares of the company’s stock, valued at $14,196,929.04. This represents a 10.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 371,209 shares of company stock valued at $12,559,456. Insiders own 22.49% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Large investors have recently modified their holdings of the business. Whale Rock Capital Management LLC lifted its stake in HashiCorp by 293.2% in the first quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company’s stock valued at $123,046,000 after buying an additional 3,404,557 shares in the last quarter. Pentwater Capital Management LP bought a new stake in shares of HashiCorp in the second quarter valued at about $91,654,000. Magnetar Financial LLC acquired a new position in shares of HashiCorp during the second quarter worth about $71,490,000. Champlain Investment Partners LLC bought a new position in shares of HashiCorp during the first quarter worth about $48,995,000. Finally, Vanguard Group Inc. raised its position in HashiCorp by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock valued at $329,454,000 after buying an additional 1,501,953 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors.

HashiCorp Trading Down 0.4 %

Shares of HCP traded down $0.14 during trading hours on Monday, hitting $33.60. 1,796,983 shares of the stock traded hands, compared to its average volume of 3,025,867. The business has a fifty day moving average of $33.88 and a 200-day moving average of $33.65. The firm has a market capitalization of $6.82 billion, a PE ratio of -44.99 and a beta of 1.24. HashiCorp has a 1-year low of $19.26 and a 1-year high of $34.21.

HashiCorp (NASDAQ:HCP) last issued its earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The company 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 business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.34) EPS. As a group, equities research analysts expect that HashiCorp will post -0.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

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