HubSpot Upmarket Momentum Accelerates as Multi-Hub Adoption Drives Growth, RBC Says

MT Newswires Live11-08

HubSpot (HUBS) "upmarket momentum accelerated," in Q3 balancing the impact of a pricing model shift on smaller customer revenues, RBC said in a note Thursday.

"ASRPC headwinds from customers starting at lower initial price points persisted in Q3, but were offset by upmarket momentum, as well as overall higher volume of customers," RBC said in the note.

HubSpot's upmarket momentum gained pace in Q3, with strong traction from enterprise clients and multi-hub deals offsetting macro pressures, RBC said.

The company reported a "solid beat-and-raise quarter", with revenue exceeding consensus by around 4%, up 20% year-over-year, the firm said.

HubSpot reported Q3 non-GAAP net income of $2.18 per diluted share on revenue of $669.7 million late on Wednesday, compared with analyst estimates of $1.91 and $647.3 million, respectively.

"Upside in revenue, billings, and operating margin were roughly inline with recent trends, as the macro remained unchanged," RBC said in the note. "All in, HubSpot continues to maneuver macro challenges."

The company raised 2024 revenue guidance by $28 million RBC noted, adding that "this further de-risks Q4, a seasonally strong quarter."

RBC raised its price target on HubSpot's stock to $750 from $700 and maintained an outperform rating.

HubSpot shares rose by more than 9% in recent trading.

Price: 650.89, Change: +53.10, Percent Change: +8.88

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