Hashicorp (HCP) a late 2021 IPO that has traded down 39.5% from its initial pricing and trying to base under $60 and break a downtrend from the December peak. HCP saw some bullish flow last week with a spread buying the June $60 calls and selling the May $35 puts. The company also saw insider buying this week on 4/26 when venture capital firm, and board rep, GGV Capital bought $6M in stock at $48.11. This follows smaller purchases in early April at $49.80. HCP is a software company with a freemium model that provides open-source tools and commercial products that enable developers to provision, secure, run and connect cloud-computing infrastructure. They see their products emerging as a system of record for cloud infrastructure with growth driven by higher cloud spending as well as the ecosystem adoption flywheel. HCP nearly doubled their customer base Y/Y in Q4 with 56% revenue growth and 131% net-dollar retention rate. HCP sees a massive market opportunity being disrupted at $72B through infrastructure provisioning, security, and networking. The cloud market is growing at 12% CAGR over the next five years. BAML has a $65 PT for shares and Buy rating. The firm thinks there are a number of key trends in place for long-term monetization. “The recent launch of new GA versions of Packer (as new as 2 weeks ago), Consul, and Nomad in the pure cloud HashCorp Cloud Platform (HCP) offering is likely to accelerate top of funnel activity. Also, continued focus on the nascent HashiCorp certification program is likely to drive a large pool of consultants and developers, now with 16,000+ certified professionals.” Whale Rock Capital and Altimeter both buyers of shares last quarter.