Competitive PositioningA few partners noted a weakening in HUBS's competitive positioning, which could be a concern for the company.
Growth ChallengesSlowing product growth across the portfolio, with every product except Content Hub decelerating meaningfully for another year and Marketing Hub slowing to 13% growth.
Valuation ConcernsWith the HUBS shares trading at nearly 10x EV/R on next year’s estimates, the stock feels pretty expensive for a company that appears set to deliver high-teens revenue growth.