HubSpot (HUBS) shares plummeted 5.03% in intraday trading on Monday, following a significant price target cut by Argus Research. The sharp decline comes as investors react to the lowered expectations for the customer relationship management (CRM) software company.

Argus Research announced a substantial reduction in its price target for HubSpot, lowering it from $865 to $650. This 25% cut in the price target appears to have sparked concerns among investors about the company's growth prospects and valuation. The adjustment follows HubSpot's recent second-quarter earnings report, suggesting that the financial results may not have met the firm's previous expectations.

Despite the dramatic reduction in the price target, it's worth noting that Argus Research has maintained its "Buy" rating on HubSpot shares. This indicates that while the firm has tempered its near-term expectations, it still sees long-term potential in the company. However, the market's immediate reaction suggests that investors are focusing more on the lowered price target than the maintained positive outlook, leading to the significant sell-off in HubSpot's stock.