HubSpot Q1 revenue grows 23% YoY with strong AI-driven user growth and 80% price upside potential.

HubSpot reported a 23% year-over-year revenue increase in Q1, alongside a 17.8% non-GAAP operating margin. The company is experiencing rapid growth in AI-driven seat usage and credit consumption, with active core seat users up 90% YoY and expanding adoption of AI agents among customers. Despite these strong fundamentals and accelerated margin targets, HubSpot trades at a forward sales multiple of 2.5x, well below the sector median, suggesting significant upside potential with a $323 price target implying about 80% growth from current levels.