Artisan Partners is Confident About the Long-Term Outlook of HubSpot (HUBS)

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned -22.47%, Advisor Class fund APDMX posted a return of -22.43%, and Institutional Class fund APHMX returned -22.40%, compared to a return of -21.07% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like HubSpot, Inc. (NYSE:HUBS) in the second quarter investor letter. Headquartered in Cambridge, Massachusetts, HubSpot, Inc. (NYSE:HUBS) is a software company. On September 26, 2022, HubSpot, Inc. (NYSE:HUBS) stock closed at $272.62 per share. One-month return of HubSpot, Inc. (NYSE:HUBS) was -19.50% and its shares lost 59.41% of their value over the last 52 weeks. HubSpot, Inc. (NYSE:HUBS) has a market capitalization of $13.091 billion.

Here is what Artisan Partners specifically said about HubSpot, Inc. (NYSE:HUBS) in its Q2 2022 investor letter:

“Demand for HubSpot, Inc. (NYSE:HUBS)’s customer relationship management SaaS platform has been robust as companies continue to make front office investments. Despite positive fundamental momentum, shares traded lower during Q2 as investors rotated out of high-growth stocks with elevated multiples. Furthermore, the market has not been favoring solidly profitable businesses that are investing heavily to develop new products and drive new customer additions. Meanwhile, we are monitoring the company’s exposure to small-and-medium-sized businesses given the potential for a recession over the near-to-intermediate term. We recognize a downturn would likely have an impact on HubSpot’s growth metrics, though we believe its mission critical cloud tools— marketing and sales force automation, customer service and website content management—would prove relatively resilient. In addition, the company has moved toward serving somewhat larger customers in recent years, which should offer further protection. For these reasons, and with shares trading at an attractive discount to our PMV estimate, we added modestly to our position.”

HubSpot, Inc. (NYSE:HUBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held HubSpot, Inc. (NYSE:HUBS) at the end of the second quarter which was 51 in the previous quarter.

We discussed HubSpot, Inc. (NYSE:HUBS) in another article and shared ClearBridge Investments’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.