Oppenheimer on HubSpot Inc (HUBS): 'Sluggish Upmarket Demand Offset by Increased SMB Volumes'

Oppenheimer analyst Ken Wong reiterated an Outperform rating and $550.00 price target on HubSpot Inc (NYSE: HUBS)

The analyst comments "We hosted a top-tier Elite HubSpot partner to discuss demand trends, expectations for FY26, competitive dynamics, and recent AI developments. The agency indicated 4Q new MRR came in below internal quotas/expectations citing lighter post-Inbound activity, reduced upmarket deal flow, less multi-hub demand, and limited budget flush. Optimistically, the partner experienced no churn/downgrades which is supportive of management's improving NRR outlook. Early 1Q26 pipeline is above-plan (partly due to 4Q stall), but large deals are still notably missing positioning FY26 growth to decelerate from FY25. Data points from two other agency conversations were split between accelerating upmarket traction, and demand consistent with 3Q. While investor sentiment remains disproportionately cautious, we still expect soft 4Q commentary to be viewed as incrementally negative."

For an analyst ratings summary and ratings history on HubSpot Inc click here. For more ratings news on HubSpot Inc click here.

Shares of HubSpot Inc closed at $396.00 yesterday.

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