HubSpot price target lowered to $280 from $400 at Piper Sandler

Piper Sandler lowered the firm’s price target on HubSpot (HUBS) to $280 from $400 to reflect lower software multiples, while keeping an Overweight rating on the shares. The firm notes the company reported Q4 revenue growth 18% year-over-year constant currency and guided to FY26 revenue growth of 16% year-over-year constant currency. Piper believes those numbers hit the baseline bars, and in an environment where investors are debating general software disintermediation risk, the headline report alone is likely not changing minds.