• The shares have been a victim of a larger SaaS selloff and some temporary headwinds. We see the latter gradually lifting.
• While the shares are not cheap and, therefore, have limited valuation multiple expansion room, they still have lots of upside.
• This will have to come from operational leverage through S&M and increased cash flow producing buybacks.

Source: HubSpot Still Has Considerable Upside – HubSpot, Inc. (NYSE:HUBS) | Seeking Alpha