Pier 88 Investment Partners LLC Reduces Position in HubSpot, Inc. (NYSE:HUBS)

Pier 88 Investment Partners LLC decreased its holdings in HubSpot, Inc. (NYSE:HUBS - Free Report) by 55.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,030 shares of the software maker's stock after selling 1,290 shares during the quarter. Pier 88 Investment Partners LLC's holdings in HubSpot were worth $588,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in HubSpot in the 4th quarter worth about $420,345,000. Massachusetts Financial Services Co. MA lifted its position in shares of HubSpot by 37.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 927,927 shares of the software maker's stock valued at $530,115,000 after buying an additional 251,853 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of HubSpot by 80,552.5% during the 1st quarter. GAMMA Investing LLC now owns 178,242 shares of the software maker's stock valued at $1,018,280,000 after buying an additional 178,021 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in HubSpot by 61.9% in the 4th quarter. Alliancebernstein L.P. now owns 286,327 shares of the software maker's stock worth $199,504,000 after purchasing an additional 109,449 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in HubSpot by 156.1% in the 4th quarter. Two Sigma Investments LP now owns 143,217 shares of the software maker's stock worth $99,789,000 after purchasing an additional 87,298 shares in the last quarter. Hedge funds and other institutional investors own 90.39% of the company's stock.

Insider Activity

In other news, 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 sale, the chief executive officer directly owned 63,918 shares of the company's stock, valued at approximately $35,269,313.22. This represents a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kathryn Bueker sold 615 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $551.79, for a total transaction of $339,350.85. Following the transaction, the chief financial officer directly owned 41,086 shares in the company, valued at approximately $22,670,843.94. This represents a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,678 shares of company stock valued at $11,336,616. 4.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Jefferies Financial Group lowered their price target on HubSpot from $900.00 to $700.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group cut their target price on HubSpot from $900.00 to $795.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Scotiabank cut their target price on HubSpot from $900.00 to $750.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. BMO Capital Markets cut their price objective on HubSpot from $735.00 to $650.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Wells Fargo & Company lowered their target price on HubSpot from $700.00 to $675.00 and set an "overweight" rating for the company in a report on Monday, June 9th. Four investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $759.04.

HubSpot Stock Up 0.9%

Shares of NYSE:HUBS traded up $5.04 during midday trading on Tuesday, hitting $551.68. The stock had a trading volume of 234,079 shares, compared to its average volume of 688,038. The company's 50-day moving average price is $580.97 and its 200-day moving average price is $631.43. The company has a market capitalization of $29.09 billion, a P/E ratio of -1,223.78, a price-to-earnings-growth ratio of 20.16 and a beta of 1.66. HubSpot, Inc. has a fifty-two week low of $434.84 and a fifty-two week high of $881.13.

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.

Want to see what other hedge funds are holding HUBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HubSpot, Inc. (NYSE:HUBS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.