HubSpot Analysts Increase Their Forecasts Following Upbeat Results

HubSpot, Inc. HUBS reported upbeat results for its fourth quarter and issued strong FY24 guidance on Wednesday.

HubSpot posted quarterly earnings of $1.76 per share, beating market estimates of $1.54 per share. The company’s quarterly sales came in at $581.91 million versus expectations of $558.27 million, according to data from Benzinga Pro.

"We saw a strong finish to a good year despite the challenging macro environment," said Yamini Rangan, Chief Executive Officer at HubSpot. "Our customers have high confidence in our ability to help them grow in any environment and we are becoming the clear platform of choice for scaling companies. 2023 was a banner year for product innovation with over 800 enhancements across our platform. At the same time, we drove go-to-market execution across digital, sales, and partner channels while staying focused on our bi-modal strategy."

HubSpot said it sees first-quarter earnings of $1.48 to $1.50 per share on revenue of $596 million to $598 million. The company expects FY24 earnings of $6.86 to $6.94 per share, versus market estimates of $6.62 per share. The company projects revenue of $2.55 billion to $2.56 billion, versus estimates of $2.53 billion.

HubSpot shares gained 4.3% to close at $629.64 on Wednesday.

These analysts made changes to their price targets on HubSpot after the company reported quarterly results.

• Piper Sandler boosted the price target on HubSpot from $630 to $675. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Needham increased the price target on HubSpot from $630 to $730. Needham analyst Joshua Reilly maintained a Buy rating.

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