JPMorgan Discloses 7.3% Passive Stake In HubSpot, Covering 3.68 Million Shares
The bank's Schedule 13G says the shares are held in the ordinary course of business, not to influence control of HubSpot.
JPMorgan Chase holds 3,678,005 HubSpot common shares, or 7.3% of the class, according to a Schedule 13G filed Tuesday. A 13G is the passive ownership disclosure investors file when they hold a large stake without aiming to take control.
What the 13G says
The filing gives the date of the triggering event as September 30. JPMorgan has sole voting power over 3,604,484 shares and shared voting power over 2,189 shares, and it classifies itself as a parent holding company.
The shares sit across a long list of JPMorgan units. Among them are J.P. Morgan Securities LLC, JPMorgan Chase Bank, National Association, and J.P. Morgan Investment Management Inc.
In the filing's certification, JPMorgan said the shares were acquired and are held in the ordinary course of business. It said they were not acquired and are not held to change or influence control of HubSpot.
What it changes
Nothing about control. The certification points the other way: this is a passive position, not an activist one. For holders, the filing shows a large shareholder spread across the bank's asset-management and trading arms.
HubSpot shares traded at $222.15 in Tuesday trading, down about 0.6% from the prior close of $223.37.
Where HubSpot stands
HubSpot's latest quarterly results paired fast growth with a cautious outlook. Revenue rose 19.8% to $911.7 million, the fastest pace among four sales software companies in a Yahoo Finance review.
The same review said next-quarter earnings-per-share guidance missed analyst expectations significantly, and that the shares were down 10.7% since the results. HubSpot ended the quarter with 306,446 customers after adding 6,988.
The filing's cover page puts the stake at 7.3% of HubSpot's common stock, measured on a Rule 13d-3 basis.
Sources
- SCHEDULE 13G — JPMORGAN CHASE & CO. re: HubSpot, Inc. (HUBS) — SEC EDGAR
- Q2 Earnings Highs And Lows: Salesforce (NYSE:CRM) Vs The Rest Of The Sales Software Stocks — Yahoo Finance
