Cinctive Capital Management LP Acquires New Holdings in HubSpot, Inc. $HUBS

Key Points

• Cinctive Capital Management bought 39,759 shares of HubSpot worth about $18.6 million in Q3, making HubSpot roughly 0.9% of Cinctive’s holdings and its 21st-largest position.
• Institutional ownership is high at 90.39%, with large moves from Vanguard, AQR and a new ~$270 million stake by Norges Bank, while insiders have sold 26,691 shares worth about $8.14 million in the past 90 days.
• HubSpot beat quarterly estimates (EPS $3.09 vs. $2.99; revenue $846.8M vs. $830.7M, revenue +20.4% y/y), but several analysts have trimmed price targets; the consensus rating is a Moderate Buy with an average target of about $454.20.

Cinctive Capital Management LP purchased a new stake in HubSpot, Inc. (NYSE:HUBS - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 39,759 shares of the software maker's stock, valued at approximately $18,599,000. HubSpot makes up about 0.9% of Cinctive Capital Management LP's holdings, making the stock its 21st biggest position. Cinctive Capital Management LP owned about 0.08% of HubSpot at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of HubSpot by 6.4% in the third quarter. Vanguard Group Inc. now owns 5,736,765 shares of the software maker's stock worth $2,683,659,000 after purchasing an additional 345,524 shares in the last quarter. Geode Capital Management LLC increased its stake in HubSpot by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 925,938 shares of the software maker's stock valued at $513,886,000 after buying an additional 38,096 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of HubSpot by 89.2% during the 3rd quarter. AQR Capital Management LLC now owns 546,436 shares of the software maker's stock worth $255,623,000 after buying an additional 257,577 shares during the last quarter. Norges Bank acquired a new position in shares of HubSpot during the 2nd quarter worth about $269,941,000. Finally, Amundi grew its holdings in shares of HubSpot by 57.6% in the 3rd quarter. Amundi now owns 452,252 shares of the software maker's stock valued at $209,660,000 after acquiring an additional 165,315 shares in the last quarter. 90.39% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other HubSpot news, Director Brian Halligan sold 8,261 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $253.00, for a total value of $2,090,033.00. Following the completion of the transaction, the director owned 481,168 shares of the company's stock, valued at $121,735,504. This represents a 1.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Erika Ashley Fisher sold 841 shares of the stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $238.01, for a total value of $200,166.41. Following the completion of the transaction, the insider owned 10,119 shares of the company's stock, valued at $2,408,423.19. This represents a 7.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,691 shares of company stock worth $8,136,702 in the last 90 days. 4.00% of the stock is currently owned by corporate insiders.

HubSpot Trading Up 2.5%

Shares of HubSpot stock opened at $264.14 on Friday. The firm has a market capitalization of $13.93 billion, a PE ratio of 303.61, a price-to-earnings-growth ratio of 3.94 and a beta of 1.40. The firm's 50 day moving average is $285.47 and its 200 day moving average is $382.72. HubSpot, Inc. has a 1 year low of $207.20 and a 1 year high of $682.57.

HubSpot (NYSE:HUBS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The software maker reported $3.09 EPS for the quarter, beating the consensus estimate of $2.99 by $0.10. The business had revenue of $846.75 million during the quarter, compared to the consensus estimate of $830.65 million. HubSpot had a net margin of 1.47% and a return on equity of 3.64%. The firm's revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.32 EPS. As a group, research analysts anticipate that HubSpot, Inc. will post 1.01 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on HUBS shares. Zacks Research raised HubSpot from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 17th. Jefferies Financial Group reduced their target price on shares of HubSpot from $560.00 to $325.00 and set a "buy" rating for the company in a report on Thursday, February 12th. JPMorgan Chase & Co. dropped their target price on HubSpot from $650.00 to $530.00 and set an "overweight" rating for the company in a report on Thursday, February 12th. Needham & Company LLC lowered their price target on shares of HubSpot from $700.00 to $300.00 and set a "buy" rating on the stock in a research report on Thursday, February 12th. Finally, BMO Capital Markets lowered their target price on shares of HubSpot from $385.00 to $285.00 and set an "outperform" rating on the stock in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, HubSpot presently has an average rating of "Moderate Buy" and an average price target of $454.20.

HubSpot Company Profile

HubSpot, Inc is a software company that develops a cloud-based customer relationship management (CRM) platform designed to help organizations attract, engage and delight customers. Its primary business activities center on providing integrated marketing, sales and customer service tools that support inbound marketing strategies, content management, lead nurturing, sales automation and customer support workflows.

The company's product suite is organized around modular “hubs” built on a central CRM: Marketing Hub, Sales Hub, Service Hub, CMS Hub and Operations Hub.

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