HubSpot, Inc. (HUBS) shares are trading higher on Tuesday. The stock has seen a 13.4% return over the last month, outperforming the broader S&P 500 and NASDAQ.
HubSpot, a software giant, is set to report its fourth quarter and full year 2023 financial results after the financial markets close on Wednesday, February 14, 2024. The street view for the fourth quarter earnings per share stands at $1.54.
Last week, Barclay’s analyst Ryan Macwilliams reiterated an Equal-Weight rating on the stock, raising the price target to $600 from $475. This indicates positive sentiment towards HubSpot’s performance.
Earlier this month, HubSpot launched its new pricing model for all subscription tiers, including access to HubSpot AI. The company will remove seat minimums for Sales Hub and Service Hub and introduce the Core Seat and View-Only Seat. These changes will go into effect globally on March 5, 2024, for new customers.
HubSpot is also expanding its presence in other geographies. It recently became a member of the EU Cloud Code of Conduct, demonstrating its commitment to robust data protection practices and GDPR compliance. Nicholas Knoop, HubSpot’s Data Protection Officer, stated, “We’re thrilled to contribute to the General Assembly, driving best practices and maintaining GDPR compliance as HubSpot and our customers continue to grow and innovate.”
HubSpot’s top peers include Adobe Inc. (ADBE), Salesforce, Inc. (CRM), SAP, and Intuit Inc. (INTU). These companies have also seen positive returns in the last month.
HubSpot expects fourth-quarter revenue to be between $556 million and $558 million, with full-year revenue estimated to be in the range of $2.144 billion and $2.146 billion. The company also anticipates fourth-quarter adjusted earnings of $1.53 to $1.55 per share, and full-year adjusted earnings between $5.66 and $5.68 per share.
As of the last check on Tuesday, HUBS shares are trading higher by 1.95% at $621.78.
Overall, HubSpot’s positive performance, upcoming financial results, and strategic initiatives indicate a promising outlook for the company. Investors and analysts are optimistic about its growth potential in the software industry.
