Piper Sandler Initiates Coverage on HubSpot (NYSE:HUBS)

Key Points

• Piper Sandler has initiated coverage on HubSpot (NYSE:HUBS) with an "overweight" rating and a price target of $675.00, indicating a potential upside of 42.85% from its previous close.
• HubSpot reported quarterly earnings of $2.19 EPS, surpassing analyst estimates, and its revenue for the quarter increased by 19.4% compared to the same period last year, totaling $760.87 million.
• Institutional investors own 90.39% of HubSpot's shares, with significant activity in recent quarters, including notable increases in stakes by Vanguard Group and Jennison Associates.

Piper Sandler initiated coverage on shares of HubSpot (NYSE:HUBS - Free Report) in a report issued on Thursday morning,Benzinga reports. The firm issued an overweight rating and a $675.00 target price on the software maker's stock.

HUBS has been the subject of a number of other research reports. UBS Group reissued an "outperform" rating on shares of HubSpot in a research report on Wednesday, September 3rd. Barclays decreased their price objective on HubSpot from $745.00 to $675.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Oppenheimer lifted their price objective on HubSpot from $700.00 to $750.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. KeyCorp dropped their price objective on HubSpot from $860.00 to $775.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. lowered their price objective on HubSpot from $775.00 to $675.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $722.93.

HubSpot Stock Up 0.9%

Shares of NYSE HUBS traded up $4.28 during trading hours on Thursday, hitting $502.81. The company had a trading volume of 510,223 shares, compared to its average volume of 742,313. HubSpot has a 1-year low of $418.34 and a 1-year high of $881.13. The stock has a market capitalization of $26.49 billion, a P/E ratio of -2,184.15, a price-to-earnings-growth ratio of 16.80 and a beta of 1.58. The firm's 50 day moving average is $502.97 and its 200-day moving average is $564.96.

HubSpot (NYSE:HUBS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $2.19 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.07. HubSpot had a negative net margin of 0.42% and a positive return on equity of 1.74%. The company had revenue of $760.87 million for the quarter, compared to analyst estimates of $739.94 million. During the same quarter in the previous year, the business earned $1.94 earnings per share. HubSpot's revenue was up 19.4% compared to the same quarter last year. On average, sell-side analysts predict that HubSpot will post 1.01 earnings per share for the current year.

Insider Buying and Selling at HubSpot

In other news, CEO Yamini Rangan sold 2,383 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 63,918 shares in the company, valued at approximately $35,269,313.22. The trade was a 3.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kathryn Bueker sold 615 shares of HubSpot stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $551.79, for a total transaction of $339,350.85. Following the transaction, the chief financial officer owned 41,086 shares of the company's stock, valued at $22,670,843.94. The trade was a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,498 shares of company stock valued at $14,752,256 in the last 90 days. 4.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HubSpot

Hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in HubSpot by 17.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,910,062 shares of the software maker's stock valued at $2,805,070,000 after acquiring an additional 714,980 shares in the last quarter. Jennison Associates LLC increased its stake in HubSpot by 548.6% in the second quarter. Jennison Associates LLC now owns 794,677 shares of the software maker's stock valued at $442,341,000 after acquiring an additional 672,158 shares during the last quarter. Norges Bank bought a new stake in shares of HubSpot during the second quarter worth about $269,941,000. Massachusetts Financial Services Co. MA lifted its stake 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. Finally, Vanguard Group Inc. grew its holdings in HubSpot by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 5,246,734 shares of the software maker's stock worth $2,997,407,000 after acquiring an additional 201,994 shares during the last quarter. Institutional investors and hedge funds own 90.39% of the company's stock.

HubSpot Company Profile

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.