2024-02-06 16:20:10 ET
Summary
- HubSpot has seen a significant increase in its stock price since its Q3 earnings call, outperforming the S&P 500 Index.
- The company has expanded its product offerings and target market, with a projected revenue growth of 24% YoY.
- However, there are concerns about macroeconomic uncertainty, an overvalued stock, and competition in the CRM industry, leading to a recommendation to sell HubSpot stock.
Introduction and Investment Thesis
HubSpot ( HUBS ) has been on a tear since it last reported its Q3 FY23 earnings on November 8th, 2023. That company reported a strong quarter in its Q3 quarter while also boosting its full-year FY23 guidance on top-line and bottom-line estimates. The optimism portrayed by its management improved the sentiment for the stock, which has rallied ~38% since the Q3 earnings call, outpacing the S&P 500 Index by three times the pace, as I have noted in the chart below....
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HubSpot's Valuation Is Outstretched, Leading Me To Downgrade This Stock