Honestly, it's been a rough ride for HubSpot ($HUBS) lately. If you’ve been watching the tickers this week, you’ve probably noticed the stock taking a bit of a nose-dive, hitting levels we haven’t seen in quite some time. Today, Sunday, January 18, 2026, the markets are closed, but the ripple effects of who was buying—and selling—during this past week's volatility are finally starting to surface in the latest SEC filings and institutional reports.
You've probably heard the rumors. When a high-flying SaaS darling like HubSpot drops nearly 25% in a single month, the "smart money" usually starts sniffing around for a bargain. While a lot of retail traders were panic-selling as the price dipped toward the $311 mark, some heavy hitters were actually quiet-buying the dip.
The Big Players: Who Bought a Lot of HubSpot Stock Today?
Even though it’s Sunday, the paperwork from Friday's close shows some massive moves. Fjarde AP Fonden, which is the Fourth Swedish National Pension Fund, just disclosed a significant bump in their position. They didn't just nibble; they raised their stake by over 30%. That puts their total holdings at roughly 15,013 shares. While that might not sound like "Elon Musk money," it represents a $7 million bet on a recovery.
They aren't alone in this.
Nordea Investment Management AB also caught people's attention by growing their holdings by nearly 35%. They now sit on over 21,000 shares valued at more than $10 million. It seems the Nordic funds are seeing something the rest of the market is missing right now.
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Other notable buyers from the most recent cycle include:
- Pallas Capital Advisors LLC, which went absolutely wild with a 413.9% increase in their position.
- Diversified Trust Co, hiking their stake by 488%.
- Mayflower Financial Advisors LLC, who jumped in with a 282% increase.
It’s a classic tug-of-war. On one side, you have institutional giants like UBS Asset Management holding a massive $378 million position. On the other, you have smaller, agile firms betting that this current "death of software" narrative is overblown.
Why the Sudden Interest Amidst the Crash?
The stock hit a 52-week low recently, touching $309 during intraday trading. That’s a far cry from its highs of $880+. So, why are these funds buying a lot of HubSpot stock today when the sentiment feels so mid?
Basically, it comes down to valuation versus growth. Despite the price drop, HubSpot actually beat its Q3 expectations. Their revenue was up over 20% year-over-year, hitting $809.5 million. Analysts at Jefferies and Raymond James are still banging the drum, keeping "Buy" and "Outperform" ratings on the stock. They see the current price as a massive "multiple compression"—finance speak for the stock getting cheaper even though the business is still growing.
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What the Insiders are Doing
Here is where it gets kinda complicated. While the big pension funds are buying, the people inside the building have been doing the opposite.
In the last 90 days, insiders have offloaded about $10 million worth of stock. Most notably, Director Brian Halligan sold 8,500 shares back in December. Usually, when "who bought a lot of HubSpot stock today" is the question, you want to see the CEO buying with their own paycheck. We aren't seeing that yet. Instead, we're seeing a shift where the founders are diversifying, and the institutional "value hunters" are picking up the slack.
The AI Wildcard
You can't talk about HubSpot in 2026 without mentioning AI. Part of the reason the stock has been shaky is the fear that AI agents will replace the need for traditional CRM seats.
However, firms like Citi and Goldman Sachs aren't buying that story. They recently initiated "catalyst watches," betting that HubSpot's new "Content Hub" and "Commerce Hub" will actually benefit from AI integration. If HubSpot can prove that their AI tools make marketers more productive rather than obsolete, the $600+ price targets some analysts have set might not be as crazy as they look right now.
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Is This a Real Buying Opportunity?
If you’re looking at the charts, HubSpot is trading at a Price-to-Sales (P/S) ratio of about 6.5x. Compare that to its historical average or its peers, and it looks... well, actually kinda cheap. Simply Wall St’s DCF (Discounted Cash Flow) model suggests the stock is undervalued by about 37%, placing the "fair value" closer to $597.
But look, there's a reason it's down. Trade tensions involving Nvidia chips and a general rotation away from growth stocks have hammered the tech sector. If the Fed doesn't play ball with interest rates, even the big institutional buys we saw today won't be enough to stop the bleeding in the short term.
Actionable Insights for Investors
If you're following the lead of the Fourth Swedish National Pension Fund or Nordea, here’s how to approach the $HUBS situation:
- Watch the $300 Support Level: The stock recently bounced off $309. If it breaks below $300, all bets are off and we could see a deeper slide.
- Check the February Earnings: HubSpot is expected to report again on February 19, 2026. This will be the "make or break" moment for the 2026 growth outlook.
- Institutional vs. Insider: Pay more attention to the 13F filings. If we see more firms like SG Americas Securities (who recently increased their stake by over 1,000%) continuing to pile in, it suggests a bottom is forming.
- Diversify the Entry: Instead of going all-in because a Swedish pension fund did, consider "dollar-cost averaging." The volatility right now is high enough to make anyone's stomach churn.
The reality of who bought a lot of HubSpot stock today reveals a market in transition. The "growth at any cost" era is dead, but for those with a three-to-five-year horizon, the big money seems to be betting that HubSpot is far from finished.