These Analysts Cut Their Forecasts On HashiCorp After Q3 Results
Portfolio Pulse from Avi Kapoor
HashiCorp Inc. (NASDAQ: HCP) exceeded Q3 earnings expectations with earnings of 3 cents per share against an expected loss of 4 cents, and revenue of $146.13 million against an estimate of $143.24 million. Full-year 2024 earnings are projected to be between losses of 14 to 12 cents per share, better than the estimated loss of 22 cents, with revenue expected between $576 million and $578 million, surpassing the $573.46 million estimate. Despite the positive results, HashiCorp shares dropped slightly by 0.1% to close at $24.90. Post-earnings, Needham reduced its price target from $36 to $27 but maintained a Buy rating, while TD Cowen lowered its price target from $28 to $23 and downgraded the stock from Outperform to Market Perform.
December 08, 2023 | 12:28 pm
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NEUTRAL IMPACT
HashiCorp reported strong Q3 results with higher earnings and revenue than expected, and a positive outlook for FY2024. However, analysts adjusted price targets and ratings, with Needham maintaining a Buy rating but lowering the target, and TD Cowen downgrading the stock and reducing the target.
Despite HashiCorp's strong Q3 performance and positive FY2024 outlook, the stock price experienced a minor decline, indicating mixed market reactions. Analysts' target adjustments reflect caution, with Needham's price target cut and TD Cowen's downgrade suggesting a tempered outlook. The mixed analyst views and slight stock price drop post-earnings suggest a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100