HubSpot (HUBS) Stock: $700 Price Target From Needham

By Amit Chowdhry ● Feb 12, 2022
  • The shares of HubSpot Inc (NYSE: HUBS) have received a $700 price target from Needham. These are the details.

The shares of HubSpot Inc (NYSE: HUBS) have received a $700 price target from Needham. And Needham & Company analyst Ryan MacDonald is maintaining a “Buy” rating on the shares.

MacDonald adjusted the rating following a strong close to FY21. And HubSpot continues to prove that it is a best-in-class SaaS vendor as the company continues to prove that the business is way more than a pandemic beneficiary, producing 40%and growth at scale in the face of increasingly difficult comps. 

“We came away most impressed with the strength in Operations Hub adoption, which now boasts 15k customers, with 40% of bookings coming from the enterprise SKU that has only been GA for 2 months of the quarter. HUBS’ impressive growth trajectory will continue into 2022 as the initial outlook assumes 33% growth at the midpoint, despite difficult comps and a 3pt FX headwind. Our new $700 PT represents an EV/sales multiple of 21x, which we believe is warranted given HUBS’ growth/margin profile at scale,” wrote MacDonald in a research note.

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