HashiCorp shares jump on report that company is considering a sale

HashiCorp shares jump on report that company is considering a sale
US News

HashiCorp at the Nasdaq market site, December 9, 2021.

Source: Nasdaq

HashiCorp shares jumped 12% in extended trading on Friday after Bloomberg reported the software developer was considering a sale.

The company has engaged an outside firm to explore interest from potential buyers, Bloomberg said, citing unnamed sources. A company representative didn’t immediately respond to CNBC’s request for comment.

HashiCorp, whose software helps developers control resources in public clouds and data centers, debuted on the Nasdaq in late 2021, right at the peak of the tech market. The stock dropped 14% last year while the S&P 500 posted a 24% gain.

As of Friday’s close, HashiCorp was trading at $26.50, or 67% below its initial public offering price. Its market cap sits at around $5 billion. In the latest quarter, revenue growth slowed to 15% from 41% a year earlier.

“We are behind where we wanted the company to be at this point in our growth cycle, and we have work to do,” CEO David McJannet said on a conference call with analysts last week.

Mitchell Hashimoto, a co-founder and former technology chief of HashiCorp, said in December that he was leaving the company.

Read Bloomberg’s full report here.

WATCH: HashiCorp CEO McJannet talks enterprise software

HashiCorp CEO David McJannet talks the enterprise software space and its role in the AI boom

Read the original article here

Products You May Like

Articles You May Like

How Satire Reveals the Truth in “Interior Chinatown”
Jussie Smollett’s Conviction for Hate Crime Hoax Overturned by Illinois Supreme Court
Loves of My Life: Sophie Skelton
Hyundai all-electric Ioniq 9 three-row SUV revealed
Georgia appeals court cancels oral arguments