HubSpot price target lowered to $700 from $765 at Canaccord

Canaccord lowered the firm’s price target on HubSpot (HUBS) to $700 from $765 and keeps a Buy rating on the shares. The firm said they delivered pretty solid results agains negative sentiment heading into the print. Revenue growth accelerated by a point sequentially to 18% on a cFX basis, currency adjusted billings growth topped revenue growth at 20%, NRR ticked up by a point and is expected to see continued improvement by year end, and the firm generated 17% non-GAAP operating margins.