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HashiCorp

HashiCorp Inc is engaged in solving the infrastructure challenges of cloud adoption by enabling an operating model that unlocks the full potential of modern public and private clouds. Its cloud operating model provides consistent workflows and a standardized approach to automate the processes involved in delivering applications in the cloud: infrastructure provisioning, security, networking, and application deployment. Its main commercial products are Terraform, Vault, Consul, and Nomad.

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IBM secured contract from USAID to enhance cybersecurity in Europe and Eurasia, with strong support from both companies and investors.

What&#39;s Going On With IBM Shares On Wednesday?

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Bears knocked on Wall Street’s door again Friday, sending large-cap tech stocks lower despite the Fed’s favorite inflation measure meeting expectations.

Tech Stocks Crumble As Wall Street&#39;s 5-Week Rally Ends; Bonds Offer Safe Haven As Growth Worries Reemerge: What&#39;s Driving Markets Friday?

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Wall Street experienced another decline on Thursday, with major large-cap indices affected by a downturn in the tech and communication services sectors. 



Investors shifted their focus to market areas that have underperformed compared to tech over the past year, such as small caps, real estate and solar stocks.

Tech, Blue Chip Stocks Drop; Small Caps, Real Estate Rebound As Yields Ease; Solar Industry Shines: What&#39;s Driving Markets Thursday?

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JMP Securities analyst Patrick Walravens reiterates HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) with a Market Perform.

Reiteration

Analyst Ratings

JMP Securities Reiterates Market Perform on HashiCorp

Citigroup analyst Fatima Boolani reinstates HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) with a Neutral and announces $35 price target.

Price Target

Initiation

Citigroup Reinstates Neutral on HashiCorp, Announces $35 Price Target

Piper Sandler analyst James Fish reiterates HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) with a Neutral and maintains $35 price target.

Piper Sandler Reiterates Neutral on HashiCorp, Maintains $35 Price Target

HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) reported quarterly earnings of $0.08 per share which beat the analyst consensus estimate of $0.00 by Infinity percent. The company reported quarterly sales of $165.138 million which beat the analyst consensus estimate of $157.251 million by 5.02 percent. This is a 15.28 percent increase over sales of $143.246 million the same period last year.

Earnings Beats

HashiCorp Q2 2025 Adj. EPS $0.08 Beats $0.00 Estimate, Sales $165.138M Beat $157.251M Estimate

HashiCorp And IBM Receive Notification From UK's CMA For Phase I Review Of Merger; Merger Expected To Close By End Of 2024

International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) disclosed securing a five-year contract with $26 million in initial funding from the U.S. Agency <a target="_blank" href="https://www.benzinga.com//node/39813102" rel="noreferrer noopener">for International Development (USAID).</a>
The contract will support the Cybersecurity Protection and Response (CPR) program, enhancing cybersecurity for host governments in Europe and Eurasia.
Alice Fakir, Partner, Lead of Cybersecurity Services, U.S. Federal Market for IBM Consulting, stated, &#8220;For USAID host countries to benefit from IT modernization efforts, they must incorporate cyber threat mitigation and capacity-building into their program design and implementation.&#8221;
IBM&#8217;s team will provide the continuous service needed to help USAID strengthen the ability of host government agencies and critical infrastructure operators to identify, protect, detect, respond to, and recover from cyberattacks.
Ambassador&nbsp;Erin E. McKee, Assistant Administrator,&nbsp;Europe&nbsp;and Eurasia Bureau for USAID, said, &#8220;Working with IBM and leveraging the company&#8217;s global experience and leadership in cybersecurity services, we are one step closer to meeting our strategic goals of improving development and humanitarian assistance outcomes through the use of digital technology and strengthening open, secure, and inclusive digital ecosystems.&#8221;
This week, HashiCorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) disclosed that its stockholders have preliminarily voted to approve its acquisition by IBM at the Special <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39781090/hashicorp-shareholders-vote-to-approve-transaction-with-ibm" rel="noreferrer noopener">Meeting of Stockholders</a>.
According to a regulatory <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000114036124033090/ef20032444_8k.htm" rel="noreferrer noopener">filing</a>, on July 12, HashiCorp and IBM each received an FTC request for additional information and documentary material in connection with the merger review.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, IBM stock has gained 39%&nbsp;in last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;FT Vest&nbsp;Technology Dividend Target Income ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/TDVI#BATS">TDVI</a>) and&nbsp;FT Vest&nbsp;DJIA Dogs 10 Target Income ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/DOGG#BATS">DOGG</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39778874/what-to-expect-from-ibms-q2-earnings-bofa-forecasts-no-change-in-annual-outlook" rel="noreferrer noopener">What To Expect From IBM&#8217;s Q2 Earnings? BofA Forecasts No Change In Annual Outlook</a>
Price Action: IBM shares are up 0.52% at $186.77 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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What's Going On With IBM Shares On Wednesday?

The final voting results of the Special Meeting will be filed as part of a Form 8-K with the U.S. Securities and Exchange Commission. The transaction is expected to close by the end of 2024, subject to the remaining regulatory approvals and other customary closing conditions under the merger agreement.

HashiCorp Stockholders Voted To Approve The Acquisition By IBM

On July 12, HashiCorp, IBM Each Received Request For Additional Information And Documentary Material From FTC In Connection With Merger Review - Filing

JMP Securities analyst Patrick Walravens downgrades HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) from Market Outperform to Market Perform.

Downgrades

JMP Securities Downgrades HashiCorp to Market Perform

Under this five-year agreement, AWS and HashiCorp will expand investments in co-innovation and go-to-market collaboration on behalf of customers.
As part of the agreement, AWS and HashiCorp will co-develop comprehensive Terraform policies that provide expert&nbsp;guidance&nbsp;on architecting, configuring, and operating on AWS.&nbsp;

AMZN

HashiCorp Inks Five-Year Strategic Collaboration Agreement With Amazon Web Services To Help Customers Implement Infrastructure And Security Lifecycle Management

Bears knocked on Wall Street&#8217;s door again Friday, sending large-cap tech stocks lower despite the Fed&#8217;s favorite <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39116124/bank-of-america-strategist-shifts-to-bonds-stock-sell-off-prophecy-on-benign-inflat">inflation measure meeting expectations.</a>
Both the S&amp;P 500 and the Nasdaq 100 index are set to end a 5-week winning streak as investors grow more cautious about the latest economic developments.
In April 2024, the Personal Consumption Expenditure (PCE) price index held steady at 2.7% year-on-year, matching the previous month and forecasts. The annual core inflation rate also remained unchanged at 2.8%, <a href="https://www.benzinga.com/markets/equities/24/05/39113676/are-rate-cuts-imminent-after-feds-preferred-inflation-data-holds-steady-be-careful-what-you-wish">in line with expectations.</a>
However, concerns arose from a deceleration in personal spending and income, raising fears that strong consumer momentum is waning. Additionally, the Chicago PMI dropped to its lowest level since May 2020, increasing worries about an ongoing economic slowdown.
The tech-heavy Nasdaq 100 fell 1.5%, marking its third straight session of losses and its worst performance in a month. The S&amp;P 500 was down 0.4%, the Russell 2000 edged 0.1% lower, while blue-chip stocks in the Dow Jones rose 0.3%, reflecting a shift to high-quality defensive stocks.
Treasury yields fell, boosting fixed-income assets, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rising 0.6%.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), unexpectedly fell 0.5%, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped 1.6%.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,261.57</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,052.98</td>
<td>-0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,212.90</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,267.38</td>
<td>-1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:15 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% lower to $520.54</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $383.10</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) fell 1.4% to $445.43</li>
<li>Sector-wise, the&nbsp;Real Estate &nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)&nbsp;outperformed, up by 1.6%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 1.5%.</li>
<li>Industry-wise, the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), outperformed, up 1.6%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Caesars Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NYSE">CZR</a>) rose over 10% after rumors that Carl Icahn invested in the casino company.</li>
<li>The Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) rose 26%, after sharply beating both earnings and revenue estimates last quarter.</li>
<li>MongoDB Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) plummeted 23%, eyeing the worst day since September 2022, after the company issued weak guidance for the upcoming quarter as well as for <a href="https://www.benzinga.com/news/24/05/39112861/why-mongodb-stock-is-moving-lower-friday">the fiscal-year 2025. </a></li>
<li>Other stocks reacting to earnings were Costco Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) down 2.5%, Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) down 20%, Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) down 11%, Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) down 11%, NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) up 0.6%, Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) up 7%, Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) up 0.9%, The Cooper Companies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>) up 3.7%, and SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) down 12%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/24/05/39107994/bill-ackman-plans-to-take-pershing-square-public-by-2025-following-10-5b-valuation-deal-report">Bill Ackman Plans To Take Pershing Square Public By 2025, Following $10.5B Valuation Deal: Report</a>
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Tech Stocks Crumble As Wall Street's 5-Week Rally Ends; Bonds Offer Safe Haven As Growth Worries Reemerge: What's Driving Markets Friday?

As announced on April 24, 2024, HashiCorp and IBM have entered into a definitive agreement under which IBM will acquire HashiCorp for&nbsp;$35.00&nbsp;per share in cash, representing an enterprise value of&nbsp;$6.4 billion. The transaction is currently expected to close by the end of 2024

Guidance

HashiCorp Says It Will Not Be Holding Conference Call Or Providing Financial Guidance In Light Of Proposed Transaction With IBM

HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) reported quarterly earnings of $0.05 per share which beat the analyst consensus estimate of $(0.01) by 600 percent. This is a 171.43 percent increase over losses of $(0.07) per share from the same period last year. The company reported quarterly sales of $160.579 million which beat the analyst consensus estimate of $153.194 million by 4.82 percent. This is a 16.38 percent increase over sales of $137.983 million the same period last year.

HashiCorp Q1 2025 Adj EPS $0.05 Beats $(0.01) Estimate, Sales $160.579M Beat $153.194M Estimate

Wall Street experienced another decline on Thursday, with major large-cap indices affected by a downturn in the tech and communication services sectors. 
Investors shifted their focus to market areas that have underperformed compared to tech over the past year, such as small caps, real estate and solar stocks.
In economic news, the second estimate of first-quarter GDP growth was revised down to 1.3% from the initial 1.6% estimate, driven by slower consumer spending growth. Inflation also <a href="https://www.benzinga.com/markets/equities/24/05/39085465/us-q1-economic-growth-downwardly-revised-to-1-3-consumer-spending-falters">saw a slight decrease.</a>
New York Fed President John Williams stated there is no immediate need to adjust monetary policy and expects inflation to continue its decline, reaching the 2% target by 2025.
The S&amp;P 500, Nasdaq 100, and Dow Jones Industrial Average fell by 0.2%, 0.6% and 0.7%, respectively. In contrast, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) increased by 1.2%.
Treasury yields decreased by approximately 5-6 basis points across the curve after several days of sharp increases. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rebounded by 0.9%.
In the commodities market, oil dropped 1.6% despite a significant decline in U.S. crude inventories, which fell by 4.16 million barrels in the week ending May 24, surpassing the predicted 1.95 million barrel decline, according to the EIA Petroleum Status Report.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.4%, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged 1.5%.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,063.68</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,257.77</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,639.71</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,205.02</td>
<td>-0.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:57 p.m. </figcaption></figure>
<h1 class="wp-block-heading">According to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro Data</a></h1>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $524.63</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.6% to $382.16</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) down 0.47% to $454.36</li>
<li>Sector-wise, the&nbsp;Real Estate &nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)&nbsp;outperformed, up by 1.3%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 1.5%.</li>
<li>Industry-wise, solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), rallied 2.8%. </li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Salesforce Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>) plummeted 20%, eyeing the sharpest drop in nearly 20 years, after missing quarterly revenue and issuing a lower-than-expected guidance. </li>
<li>HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) rose 19% amid stronger-than-expected quarterly results, eyeing the top-performing session since Nov. 18, 1999. </li>
<li>Other companies reacting to earnings were Kohl Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KSS#NYSE">KSS</a>), down 23%; Dollar General Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>), down 5.9%; Best Buy Co. Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) up 12.6%, Hormel Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) down 8.5%, Burlington Stores Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BURL#NYSE">BURL</a>) down 19%; Birkenstock Holding plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) up 11%; Agilent Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/A#NASDAQ">A</a>), down 8%; Pure Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>), up 1.8%; Okta Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>), down 5.9%; Nutanix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>), down 22%; Ui Path Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>), down 34% and Credo Technology Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDO#NASDAQ">CRDO</a>), up 21%.</li>
<li>Large-cap companies slated to report earnings after the close include Costco Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>), Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>), NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>), Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), MongoDB Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>), Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>), The Cooper Companies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>), SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>), Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) and HashiCorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>). </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39090782/is-q1-gdp-data-easing-pressure-on-fed-to-cut-interest-rates-5-economists-weigh-in">Is Q1 GDP Data Easing Pressure On Fed To Cut Interest Rates? 5 Economists Weigh In</a>
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Tech, Blue Chip Stocks Drop; Small Caps, Real Estate Rebound As Yields Ease; Solar Industry Shines: What's Driving Markets Thursday?

As of April 30, 2024, four stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.  
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">AudioEye, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEYE#NASDAQ">AEYE</a>)</h3>
<ul>
<li>On April 23, AudioEye reported better-than-expected first-quarter financial results. &#8220;We are seeing strong business momentum and expect ARR and revenue growth to accelerate in the second quarter and the remainder of the year. As a result, we are raising revenue, adjusted EBITDA, and adjusted EPS guidance for the full year. We are pleased with our operating leverage, and we anticipate high teen adjusted EBITDA margins for the second quarter,&#8221; said AudioEye CEO David Moradi. The company's stock gained around 31% over the past five days and has a <a href="https://www.benzinga.com/quote/AEYE">52-week high of $16.77</a>.</li>
<li>RSI Value: 71.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>AEYE Price Action: Shares of AudioEye gained 9.4% to close at $15.63 on Monday.</li>
</ul>
<h3 class="wp-block-heading">Impinj, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PI#NASDAQ">PI</a>)</h3>
<ul>
<li>On April 24, Impinj, reported better-than-expected first-quarter financial results. "2024 started strong, with revenue and profitability exceeding both our fourth-quarter results and first-quarter guidance," said Chris Diorio, Impinj co-founder and CEO. "As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead." The company's stock gained around 28% over the past five days and <a href="https://www.benzinga.com/quote/PI">has a 52-week high</a> of $159.62.</li>
<li>RSI Value: 72.90</li>
<li>PI Price Action: Shares of Impinj gained 4.3% to close at $157.45 on Monday.</li>
</ul>
<h3 class="wp-block-heading">HashiCorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>)</h3>
<ul>
<li>On April 24, IBM announced plans to acquire HashiCorp, Inc. for $35 per share in cash. The company's stock gained around 33% over the past five days and has a <a href="https://www.benzinga.com/quote/HCP">52-week high</a> of $36.39.</li>
<li>RSI Value: 74.59</li>
<li>HCP Price Action: Shares of HashiCorp closed at $32.59 on Monday.</li>
</ul>
<h3 class="wp-block-heading">Nisun International Enterprise Development Group Co., Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NISN#NASDAQ">NISN</a>)</h3>
<ul>
<li>On Dec 19, 2023, NiSun International Enterprise Development Group posted H1 EPS of $2.87 down from $3.67 year over year. The company's stock jumped around 29% over the past month and has a 52-week high is $8.85.</li>
<li>RSI Value: 70.07</li>
<li>NISN Price Action: Shares of Nisun International Enterprise Development fell 2% to close at $7.37 on Monday.</li>
</ul>
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Scotiabank analyst Nick Altmann downgrades HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) from Sector Outperform to Sector Perform and raises the price target from $31 to $35.

Scotiabank Downgrades HashiCorp to Sector Perform, Raises Price Target to $35

Piper Sandler analyst James Fish maintains HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) with a Neutral and raises the price target from $25 to $35.

Piper Sandler Maintains Neutral on HashiCorp, Raises Price Target to $35

WIIM

HashiCorp shares are trading higher after IBM announced it will acquire the company for $35 per share.

CORRECTION: HashiCorp Ticker Is 'HCP'

Needham analyst Alex Henderson downgrades HashiCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) from Buy to Hold.

Needham Downgrades HashiCorp to Hold

An update from HashiCorp (HCP) is now available. Navam Welihinda is stepping down as the Chief Financial Officer of HashiCorp, Inc. to embrace a ne...

HashiCorp CFO Navam Welihinda Steps Down, Werner Schwock Steps Up

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HashiCorp Q2 2025 Earnings Preview

Here's the major earnings after the close today

Truist Financial analyst Youssef Squali maintained a Hold rating on HashiCorp (HCP – Research Report) today. The company's shares closed yesterday ...

Truist Financial Keeps Their Hold Rating on HashiCorp (HCP)

Fatima Boolani, an analyst from Citi, has initiated a new Hold rating on HashiCorp (HCP). Fatima Boolani's rating is based on a careful evaluation ...

Maintaining Hold on HashiCorp Amid IBM Acquisition and Transition Risks

In a report released today, Patrick Walravens from JMP Securities maintained a Hold rating on HashiCorp (HCP – Research Report). The company's shar...

JMP Securities Sticks to Its Hold Rating for HashiCorp (HCP)

HashiCorp ticks lower amid concern IBM deal close could be pushed into next year

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Press Releases

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates HCP, SQSP, OSG on Behalf of Shareholders

URGENT: The M&A Class Action Firm Investigates Merger and Looming Vote on July 15, 2024, of HashiCorp, Inc. - HCP

Legal

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates PRFT, SBOW, ALIM, HCP on Behalf of Shareholders

Kuehn Law Encourages AGRX, SPR, HCP, and ALLG Investors to Contact Law Firm

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates MRO, HCP, SDPI, FREE on Behalf of Shareholders

SHAREHOLDER ACTION NEEDED: The M&A Class Action Firm Investigates Merger and Looming Vote on July 15, 2024, of HashiCorp, Inc. - HCP

HashiCorp Shareholders Vote to Approve Transaction with IBM

HashiCorp to Announce Second Quarter Fiscal Year 2025 Financial Results on August 29, 2024

HashiCorp Announces Second Quarter of Fiscal Year 2025 Financial Results

Shareholder Alert: Ademi LLP continues to investigate whether HashiCorp Inc. has obtained a Fair Price for its Public Sotckholders

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