T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in HashiCorp Inc. (NASDAQ:HCP). The institutional investor has increased its shareholding in the Technology company by 26.12% to 11.44 million shares with purchase of 2.37 million shares. This fresh investment now brings its stake to 13.95% valued currently at $333.91 million. In addition, Baillie Gifford & Co. raised its holdings by 1.59 million to 7.17 million shares. And The Vanguard Group, Inc. has lifted its position by 84.40% or 2.68 million shares – to 5.85 million shares.
With over 2.08 million HashiCorp Inc. (HCP) shares trading Monday and a closing price of $29.25 on the day, the dollar volume was approximately $60.71 million. The shares have shown a negative half year performance of -4.72% and its price on 03/13/23 gained nearly 4.73%. Currently, there are 187.08M common shares owned by the public and among those 73.56M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for HCP have a consensus price objective of $36.50. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $32.00. The average price target is 20.52% above its recent price level and an upside to the estimated low will see the stock gain 8.59% over that period. But an upside of 30.36% will see the stock hit the forecast high price target while median target price for the stock is $36.50.
Insiders at the company have transacted a total of 203 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 123 of these insider trades were purchases, accounting for 23,935,748 shares. Insider sales of the common stock occurred on 80 occasions, with total insider shares sold totaling 20,314,795 shares.
The top 3 mutual fund holders in HashiCorp Inc. are T Rowe Price New Horizons Fund, Vanguard US Growth Fund, and Vanguard Total Stock Market Index. T Rowe Price New Horizons Fund owns 4.44 million shares of the company’s stock, all valued at over $129.63 million. The company bought an additional 3.28 million shares recently to bring their total holdings to about 5.42% of the shares outstanding. Vanguard US Growth Fund bought 1.15 million shares to see its total holdings expand to 3.01 million shares valued at over $87.87 million and representing 3.67% of the shares outstanding. Vanguard Total Stock Market Index bought 2849.0 shares to bring its total holdings to over 1.92 million shares at a value of $55.93 million. Vanguard Total Stock Market Index now owns shares totaling to 2.34% of the shares outstanding.
Shares of HashiCorp Inc. (NASDAQ: HCP) opened at $27.57, down -$0.36 from a prior closing price of $27.93. However, the script later moved the day high at 30.00, up 4.73%. The company’s stock has a 5-day price change of -9.89% and 1.21% over the past three months. HCP shares are trading 6.99% year to date (YTD), with the 12-month market performance down to -22.50% lower. It has a 12-month low price of $21.50 and touched a high of $60.03 over the same period. HCP has an average intraday trading volume of 1.51 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.66%, -2.28%, and -6.18% respectively.
Institutional ownership of HashiCorp Inc. (NASDAQ: HCP) shares accounts for 74.60% of the company’s 187.08M shares outstanding. Mutual fund holders own 32.18%, while other institutional holders and individual stakeholders account for 49.42% and 3.75% respectively.
It has a market capitalization of $5.85B. The earnings-per-share (ttm) stands at -$2.40. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.84% over the week and 6.10% over the month.
Analysts forecast that HashiCorp Inc. (HCP) will achieve an EPS of -$0.22 for the current quarter, -$0.19 for the next quarter and -$0.65 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.25 while analysts give the company a high EPS estimate of -$0.2. Comparatively, EPS for the current quarter was -$0.24 a year ago. Earnings per share for the fiscal year are expected to decrease by -241.20%, and 21.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 18 brokerage firm advisors rate HashiCorp Inc. (HCP) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 7 of the 18 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the HCP, a number of firms have released research notes about the stock. Needham stated their Buy rating for the stock in a research note on March 06, 2023, with the firm’s price target at $39. Scotiabank coverage for the HashiCorp Inc. (HCP) stock in a research note released on February 24, 2023 offered a Sector Perform rating with a price target of $34. MoffettNathanson was of a view on February 13, 2023 that the stock is Outperform, while Truist gave the stock Buy rating on September 30, 2022, issuing a price target of $40. Needham on their part issued Hold rating on September 30, 2022.
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