HashiCorp, Inc. (NASDAQ:HCP) shares jumped premarket Monday on the back of a Bloomberg report that said the company is considering a potential sale.
Citing sources, the publication said the company is considering options, including a sale, and is working to gauge interest from possible buyers.
Furthermore, HCP is said to have already held exploratory talks with other industry players. However, the deliberations are ongoing, and there is no certainty that a transaction will take place.
Reacting to the news, analysts at Oppenheimer said in a note that while they believe HashiCorp is implementing the right steps to get its business back on track, they "also believe several parties could be interested in HashiCorp as it holds core in-need technologies enabling enterprises to scale in multi-cloud environments."
"We believe possible buyers can run from PE (improve operations/execution, accelerate path to profitability/enhance FCF) to large enterprise-centric vendors focused on enabling multi-cloud and offering better go-to-market execution (Cisco, Oracle, IBM for example)," said the firm. "Valuation-wise, the shares trade at ~6x FY26 EV/Sales on a depressed outlook that reflects current challenges.
"We believe an 8-10x EV/Sales more appropriately reflects its near-term operating potential."