Selected stock price target news of the day - February 15th, 2024

By: Matthew Otto

HubSpot’s 2023 Performance and 2024 Outlook

HubSpot financial performance in the fourth quarter and full year of 2023, posting a 21% year-over-year growth in Q4 revenue in constant currency and achieved a 25% growth for the entire fiscal year. The company’s revenue stood at $662 million for Q4, with a subscription revenue growth of 24% year-over-year. HubSpot added nearly 11,000 net new customers in Q4, surpassing 205,000 customers globally, marking a 23% YoY increase. The company reported an operating profit margin of 17% in Q4, and for the full year, the margin was 15%, indicating a 500 basis points year-over-year improvement. Additionally, HubSpot’s cash and marketable securities balance of $1.7 billion reported at the end of December.

Looking ahead, HubSpot forecasts total as-reported revenue for Q1 2024 to be in the range of $596 million to $598 million, representing a 19% year-over-year growth at the midpoint, while full-year 2024 revenue is projected to be in the range of $2.55 billion to $2.56 billion, indicating an 18% year-over-year growth at the midpoint.

Analysts Raise Price Targets Following Performance and Growth Prospects

Needham analyst Joshua Reilly maintained a Buy rating and raised the price target from $630 to $730.
Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and increased the price target from $630 to $675.
Truist Securities analyst Terry Tillman kept a Buy rating and raised the price target from $600 to $700.
Wolfe Research analyst Alex Zukin raised the price target to $715.
RBC Capital analyst Rishi Jaluria raised the price target to $700.
Oppenheimer analyst Ken Wong raised the price target to $725.

Which Analyst has the best track record to show on HUBS?

Analyst Michael Turrin (WELLS FARGO) currently has the highest performing score on HUBS with 14/17 (82.35%) price target fulfillment ratio. His price targets carry an average of $116.5 (26.87%) potential upside. HubSpot stock price reaches these price targets on average within 116 days.

Datadog’s Q4 2023: Revenue Surges, Customer Base Expands

Datadog unveiled its fourth-quarter 2023 financial results, showcasing a revenue of $590 million, a 26% YoY escalation. The company’s strategic emphasis on product innovation was underscored by the introduction of over 400 new features and capabilities throughout 2023, spanning diverse areas such as observability, AI, APM, digital experience, log management, cloud service management, cloud security, and software delivery. Datadog’s customer-centric approach translated into growth in both customer base and Annual Recurring Revenue, with the company reporting approximately 27,300 customers by the end of the quarter, an increase from about 23,200 the previous year. The ARR from customers with an annual spend of $100,000 or more surged to approximately 3,190, reflecting an upward trajectory from about 2,780 in the corresponding period last year. The ARR from products outside of infrastructure monitoring, APM suite, and log management witnessed a staggering 75% YoY growth.

Datadog reported international market growth, with revenue expanding by 31% YoY, while the North American market demonstrated a 23% YoY growth. The company’s cash and cash equivalents balance of $2.6 billion. Datadog’s fiscal year 2024 revenue is projected to be in the range of $2.555 billion to $2.575 billion, indicating a 20% to 21% YoY growth trajectory.

Analysts Bullish: Price Targets Raised Amid Optimistic Outlook

Wolfe Research’s Alex Zukin maintained an Outperform rating and raised the price target from $140 to $150.
RBC Capital’s Matthew Hedberg reiterated an Outperform rating and increased the price target from $145 to $151.
Needham’s Mike Cikos maintained a Buy rating and increased the price target from $125 to $165.
TD Cowen’s Andrew Sherman kept an Outperform rating and raised the price target from $140 to $155.
Jefferies’ Brent Thill reiterated a Buy rating and lifted the price target from $145 to $155.

Which Analyst has the best track record to show on DDOG?

Analyst Andrew Nowinski (WELLS FARGO) currently has the highest performing score on DDOG with 6/8 (75%) price target fulfillment ratio. His price targets carry an average of $-4.95 (-3.67%) potential downside. Datadog stock price reaches these price targets on average within 120 days.

QuidelOrtho Q4 Results and 2024 Guidance, Analysts Reacts

QuidelOrtho released its fourth-quarter financial results, which fell short of Wall Street expectations. The company reported adjusted earnings per share of $1.17, well below the consensus estimate of $2.04, while revenue of $743 million missed analysts’ forecasts of $797 million. For fiscal 2024, QuidelOrtho issued guidance projecting adjusted earnings per share in the range of $2.40 to $3.07, a contrast to analysts’ earlier projections averaging $4.44. Analyst from William Blair, Andrew Brackmann, expressed concern over the profitability disconnect, particularly attributing it to lower-than-expected respiratory revenue. Brackmaan downgraded to Market Perform from Outperform.Despite this, he hinted at a potential upgrade later in the year, contingent upon gaining clarity on cost-saving measures and long-term objectives.

Raymond James analyst, Andrew Cooper, revised their outlook on QuidelOrtho, downgrading the stock from Strong Buy to Outperform and slashing the price target from $100 to $76. Cooper emphasized the challenges posed by the ever-shifting post-pandemic landscape, yet maintained confidence in the company’s ability to achieve mid-single-digit revenue growth with expanding margins. In contrast, J.P. Morgan analyst, Casey Woodring, took a more pessimistic stance, downgrading the stock to Underweight from Neutral and reducing the price target to $37 from $66. They echoed concerns over the disappointing quarterly results and forecast, signaling a more cautious outlook for QuidelOrtho in the near term.

Analysts Adjust Ratings and Price Targets Amidst Performance

Craig-Hallum’s analyst Alexander Nowak downgraded from Buy to Hold.
RBC Capital’s analyst Conor McNamara maintained an Outperform rating but lowered the price target from $130 to $81.
Raymond James analyst Andrew Cooper downgraded from Strong Buy to Outperform and the price target from $100 to $76.
William Blair’s analyst Andrew Brackmann downgraded from Outperform to Market Perform.
J.P. Morgan analyst Casey Woodring lowered from Neutral to Underweight rating and the price target to $37 from $66.

Which Analyst has the best track record to show on QDEL?

Analyst Alexander Nowak (CRAIG HALLUM) currently has the highest performing score on QDEL with 5/12 (41.67%) price target fulfillment ratio. His price targets carry an average of $78.99 (56.42%) potential upside. QuidelOrtho stock price reaches these price targets on average within 154 days.