Cinctive Capital Management LP Acquires 275,500 Shares of HashiCorp, Inc. (NASDAQ:HCP)

Cinctive Capital Management LP raised its holdings in shares of HashiCorp, Inc. (NASDAQ:HCP) by 114.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 515,500 shares of the company’s stock after purchasing an additional 275,500 shares during the period. HashiCorp accounts for about 1.0% of Cinctive Capital Management LP’s holdings, making the stock its 19th largest holding. Cinctive Capital Management LP’s holdings in HashiCorp were worth $17,455,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of HCP. Westchester Capital Management LLC raised its holdings in shares of HashiCorp by 60.5% during the third quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock valued at $108,363,000 after acquiring an additional 1,206,073 shares in the last quarter. Pentwater Capital Management LP bought a new position in HashiCorp in the 2nd quarter worth $91,654,000. Alpine Associates Management Inc. lifted its holdings in HashiCorp by 48.7% in the third quarter. Alpine Associates Management Inc. now owns 2,142,154 shares of the company’s stock worth $72,533,000 after buying an additional 701,350 shares during the period. Magnetar Financial LLC bought a new stake in HashiCorp during the 2nd quarter valued at approximately $71,490,000. Finally, ING Groep NV grew its holdings in shares of HashiCorp by 851.2% during the 3rd quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock worth $56,587,000 after acquiring an additional 1,495,500 shares during the period. Hedge funds and other institutional investors own 87.83% of the company’s stock.

Insider Buying and Selling at HashiCorp

In other HashiCorp news, insider Ledger Susan St. sold 22,232 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 transaction of $752,330.88. Following the completion of the sale, the insider now owns 167,747 shares of the company’s stock, valued at approximately $5,676,558.48. The trade was a 11.70 % decrease in their ownership of the stock. The transaction 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 firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $33.83, for a total value of $1,214,632.32. Following the completion of the transaction, the chief technology officer now directly owns 1,520,000 shares in the company, valued at $51,421,600. This trade represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,208 shares of company stock worth $12,391,868. Insiders own 22.49% of the company’s stock.

Analyst Ratings Changes

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

HashiCorp Price Performance

Shares of NASDAQ:HCP opened at $33.62 on Monday. HashiCorp, Inc. has a 1 year low of $19.26 and a 1 year high of $34.21. The company has a market cap of $6.82 billion, a P/E ratio of -44.83 and a beta of 1.24. The stock’s fifty day moving average price is $33.85 and its 200-day moving average price is $33.71.

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