HashiCorp's Medium-Term Path To Breakeven Impresses Analysts

  • Needham analyst Alex Henderson reiterated a Hold on HashiCorp, Inc HCP.
  • HashiCorp held its first analyst day as a public company in LA in association with its large company tradeshow. 
  • He continues to be impressed with Hashi's technology.
  • He considers the technology a critical part of the transition to modern application workloads, hybrid cloud, multi-cloud, and ultimately a significant portion of the massive shift of Enterprise architectures away from 30+ years of perimeter defense, Enterprise Network backbones, and client-server architectures driven by IP. 
  • Hashi announced several enhancements to products and HCP Cloud
  • The most notable was Beta for Vault on Azure cloud, which complements the already GA Vault on AWS. 
  • Hashi reaffirmed its GTM and Financial plans while maintaining guidance for $2 Billion+ ARR with profitability and positive FCF in 2026.
  • Piper Sandler analyst James Fish raised the price target on HashiCorp to $39 from $38 and reiterated Neutral. 
  • The analyst was encouraged by the company's medium-term path to breakeven.
  • Price Action: HCP shares traded lower by 2.89% at $32.04 on the last check Friday.
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