David McJannet, CEO and Chairman of HashiCorp, Inc. (NASDAQ:HCP), recently executed a significant stock sale. On December 20, McJannet sold 47,526 shares of HashiCorp's Class A common stock at an average price of $34.22 per share, amounting to a total transaction value of approximately $1.63 million. The sale comes as HCP trades near its 52-week high of $34.33, having delivered an impressive 45% return year-to-date.
Following this transaction, McJannet retains direct ownership of 465,978 shares. The sale was part of a series of transactions reported in a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro, HashiCorp maintains strong financial health with impressive gross profit margins of 82%.
In addition to the sale, McJannet was involved in multiple exercises of restricted stock units (RSUs), acquiring shares of Class A common stock at no cost. These transactions reflect ongoing changes in McJannet's stock holdings and are part of routine portfolio management activities. The company, currently valued at $7 billion, shows strong liquidity with a current ratio of 3.79, indicating robust financial positioning. For deeper insights into HashiCorp's valuation and financial metrics, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, HashiCorp reported a notable 19% YoY revenue growth in its Q3 results, reaching $173.4 million. This was largely attributed to the continued adoption of its cloud platform, which now accounts for over 17% of total subscription revenue. The company also reported a non-GAAP earnings per share of $0.13, a significant increase from $0.03 in the same quarter of the previous year.
HashiCorp's customer base grew to 4,856, up from 4,354 a year ago, with customers contributing over $100,000 in annual recurring revenue making up 89% of total revenue. The company's non-GAAP operating income was $11.0 million, a stark contrast to the loss of $10.5 million in Q3 of the previous year.
In addition to these financial highlights, HashiCorp is expected to merge with IBM (NYSE:IBM) at a rate of $35.00 per share in cash, pending closing conditions. This merger is slated to conclude in the first quarter of 2025. These are among the recent developments that continue to shape HashiCorp's business landscape.
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