Bank of Nova Scotia Has $5.51 Million Position in HubSpot, Inc. (NYSE:HUBS)

Key Points

• Bank of Nova Scotia has completely sold its position in HubSpot, reducing its holdings from over 59 million shares to just 9,639, and leaving the remaining stake valued at approximately $5.51 million.
• HubSpot's stock is currently priced at $492.33 with recent highs reaching $881.13 and lows of $448.46 over the past year, indicating significant price volatility.
• Analysts are optimistic about HubSpot, with multiple firms raising their target prices and maintaining a consensus rating of "Moderate Buy" and an average target price of $759.04.

Bank of Nova Scotia lowered its position in HubSpot, Inc. (NYSE:HUBS - Free Report) by 100.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,639 shares of the software maker's stock after selling 59,833,578 shares during the period. Bank of Nova Scotia's holdings in HubSpot were worth $5,507,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of HUBS. Elequin Capital LP bought a new position in HubSpot during the fourth quarter worth $27,000. Coppell Advisory Solutions LLC grew its holdings in shares of HubSpot by 91.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 46 shares of the software maker's stock worth $32,000 after purchasing an additional 22 shares in the last quarter. Aster Capital Management DIFC Ltd raised its stake in shares of HubSpot by 213.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 47 shares of the software maker's stock valued at $33,000 after purchasing an additional 32 shares in the last quarter. Cullen Frost Bankers Inc. boosted its stake in HubSpot by 130.8% during the first quarter. Cullen Frost Bankers Inc. now owns 60 shares of the software maker's stock worth $34,000 after buying an additional 34 shares in the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of HubSpot in the 1st quarter valued at $35,000. Institutional investors own 90.39% of the company's stock.

HubSpot Stock Down 2.0%

Shares of HUBS opened at $492.33 on Wednesday. HubSpot, Inc. has a 12-month low of $448.46 and a 12-month high of $881.13. The firm has a market capitalization of $25.97 billion, a PE ratio of -1,094.06, a price-to-earnings-growth ratio of 18.27 and a beta of 1.66. The stock's fifty day simple moving average is $555.48 and its 200-day simple moving average is $617.78.

Insider Activity

In other news, Director Brian Halligan sold 8,500 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $543.07, for a total transaction of $4,616,095.00. Following the transaction, the director owned 522,435 shares of the company's stock, valued at $283,718,775.45. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Yamini Rangan sold 2,383 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $551.79, for a total value of $1,314,915.57. Following the transaction, the chief executive officer directly owned 63,918 shares in the company, valued at $35,269,313.22. This trade represents a 3.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,998 shares of company stock valued at $10,928,616 over the last 90 days. 4.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on HUBS shares. UBS Group upped their target price on shares of HubSpot from $675.00 to $820.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley lifted their price objective on HubSpot from $659.00 to $752.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Needham & Company LLC reissued a "buy" rating and issued a $900.00 target price on shares of HubSpot in a report on Friday, May 9th. Wall Street Zen downgraded HubSpot from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Piper Sandler upped their price target on HubSpot from $535.00 to $645.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, HubSpot currently has a consensus rating of "Moderate Buy" and an average target price of $759.04.

About HubSpot

HubSpot, Inc, together with its subsidiaries, provides a cloud-based customer relationship management (CRM) platform for businesses in the Americas, Europe, and the Asia Pacific. The company's CRM platform includes Marketing Hub, a toolset for marketing automation and email, social media, SEO, and reporting and analytics; Sales Hub offers email templates and tracking, conversations and live chat, meeting and call scheduling, lead and website visit alerts, lead scoring, sales automation, pipeline management, quoting, forecasting, and reporting; Service Hub, a service software designed to help businesses manage, respond, and connect with customers; and Content Management Systems Hub enables businesses to create new and edit existing web content.

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