Analysts Raise Price Targets on HubSpot (HUBS) Following Successful Analyst Day

October 13, 2021 10:06 AM EDT
Get Alerts HUBS Hot Sheet
Price: $800.77 -0.56%

Rating Summary:
    28 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 18
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Shares of HubSpot (NYSE: HUBS) are up 3% in today’s trading session to build on gains from yesterday.

Numerous Street analysts have raised their price targets on HubSpot after yesterday’s Analyst Day, which was held in conjunction with its INBOUND user conference.

Mizuho’s Siti Panigrahi raised the price target to $760.00 per share from the prior $660.00 on the Buy-rated stock.

‘We came away with greater confidence in the company's long-term strategy to become a front-office platform. We applaud HubSpot's rapidly growing larger-market opportunity (launched Payments and Operations Hub for Enterprise) as the company expands from leadership in marketing automation for SMBs to overall Small Business & Mid-Market CRM leadership, along with increased enterprise penetration (45% ASRPC growth from 2017 to 1H21). We remain confident in HubSpot's long-term outlook and ability to become the de facto front-office for SMBs,” Panigrahi said in a client note.

Needham & Company analyst Ryan McDonald raised the price target to $870.00 per share from the prior $680.00 on the Buy-rated stock.

“The news of the day was HUBS' announcement of new payments functionality, which will be focused on streamlining the B2B sales process to remove complexity from the last mile of the rep-assisted sales process. While the B2B commerce/payments ecosystem is becoming increasingly competitive, we view this as a natural extension of the HUBS platform and a material cash-generative revenue opportunity over time. When combining this with the continued product innovation and hub expansion that is driving healthy multi-hub adoption, we remain confident in HUBS' ability to sustain 30%+ growth and margin expansion that will keep HubSpot as a Rule of 40+ business. Our new PT assumes an EV/sales multiple of 27x our FY22 estimate,” McDonald commented in a note.

Shares of the company are up over 100% YTD.

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