Sun Sep 15 12:00:58 UTC 2024: ## New Jersey Pension Fund Cuts HubSpot Stake, While Other Investors Buy In
**September 15, 2024** – The State of New Jersey Common Pension Fund D has reduced its stake in software company HubSpot, Inc. (NYSE: HUBS) by 34.1% during the second quarter, according to a recent 13F filing with the SEC. The fund now owns 17,714 shares of HubSpot, valued at $10.45 million.
This move comes as other large investors are increasing their holdings in HubSpot. Wellington Management Group LLP boosted its stake by 50.3% in the fourth quarter, now owning 1,874,322 shares worth $1.09 billion. Jennison Associates LLC also raised its stake by 62.1% in the first quarter, now owning 1,577,511 shares worth $988.4 million.
New investors also entered the picture. Norges Bank acquired a new position in HubSpot worth $311.2 million during the fourth quarter, while Twin Focus Capital Partners LLC significantly increased its stake by 92,828.2% in the same quarter, now owning 487,873 shares valued at $283.2 million. Point72 Asset Management L.P. also acquired a new stake worth $114.9 million in the fourth quarter.
Overall, institutional investors and hedge funds currently own 90.39% of HubSpot stock.
HubSpot shares opened at $491.17 on Friday, with a market capitalization of $25.22 billion. Analysts have given HubSpot a “Moderate Buy” rating with an average price target of $610.79.
Meanwhile, insider trading activity at HubSpot has been notable. CFO Kathryn Bueker sold 1,135 shares on July 2nd for a total of $672,828, while CEO Yamini Rangan sold 116 shares on September 4th for a total of $56,978. Over the last 90 days, insiders have sold a total of 38,012 shares valued at $21.3 million, representing 4.5% of the company’s stock.
This news comes amidst mixed signals from analysts. While some, like Needham & Company LLC, maintain a “buy” rating with a high price target, others have reduced their targets. Barclays dropped its price objective from $575 to $500, while Wells Fargo & Company reduced its target from $650 to $625.
HubSpot is a leading provider of cloud-based CRM platforms, offering solutions for marketing, sales, service, and content management. Its platform is used by businesses across the Americas, Europe, and the Asia Pacific.
Investors and analysts will be watching closely to see how HubSpot’s stock performs in the coming months, especially with the recent insider sales and mixed signals from analysts.
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