HashiCorp (NASDAQ:HCP) may fetch $32-$40 a share after a report late Friday that the cloud software company is evaluating its options, including a sale, according to an Oppenheimer analyst. The shares soared 12% in premarket trading on Monday,
We believe “several parties could be interested in HashiCorp as it holds core in-need technologies enabling enterprises to scale in multi-cloud environments,” Oppenheimer analyst Ittai Kidron, who has an outperform and $34 price target on HCP, wrote in a note on Monday. “Given the attractive near-term operating potential and multiples of recent takeouts, we believe the company can fetch a price of $32-$40/share, reflecting a ~8-10x FY26 EV/Sales multiple.”
HashiCorp (HCP) has been working with a financial adviser in recent months to gauge interest from possible bidders, according to a Bloomberg report late Friday, which cited people familiar with the matter. The cloud software firm has already had exploratory conversations with other industry players.
Potential buyers for HashiCorp (HCP) include private equity firms and large enterprise-central vendors focused on enabling multi-cloud such as Cisco (CSCO), Oracle (ORCL), and IBM (IBM), Kidron wrote.
While the shares currently trade at ~6x FY26 EV/sales on a “depressed outlook that reflects current challenges,” a 8-10x EV/sale multiple “more appropriately” reflects its near-term operating potential.