Squarespace (NYSE:SQSP) Hits New 52-Week High at $37.91

Squarespace, Inc. (NYSE:SQSP) reached a new 52-week high during trading on Tuesday . The stock traded as high as $37.91 and last traded at $36.01, with a volume of 75907 shares trading hands. The stock had previously closed at $35.44.

Analysts Set New Price Targets

Several brokerages recently weighed in on SQSP. Royal Bank of Canada upped their target price on shares of Squarespace from $32.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. Raymond James began coverage on Squarespace in a research report on Wednesday, March 27th. They set an “outperform” rating and a $40.00 price objective on the stock. Mizuho lifted their target price on Squarespace from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Robert W. Baird upgraded Squarespace from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $30.00 to $39.00 in a report on Monday, March 4th. Finally, Citigroup lifted their price objective on Squarespace from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Squarespace presently has a consensus rating of “Moderate Buy” and an average target price of $38.54.

Squarespace Stock Up 0.8 %

The stock has a market capitalization of $4.88 billion, a price-to-earnings ratio of -726.60, a P/E/G ratio of 3.48 and a beta of 0.52. The stock has a fifty day moving average of $34.79 and a 200-day moving average of $31.94.

Squarespace (NYSE:SQSP) last issued its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.12). The firm had revenue of $270.72 million for the quarter, compared to analyst estimates of $263.41 million. During the same period last year, the firm posted ($0.07) EPS. The company’s quarterly revenue was up 18.3% on a year-over-year basis. On average, equities analysts forecast that Squarespace, Inc. will post 0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Squarespace news, CEO Anthony Casalena sold 26,800 shares of Squarespace stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $31.90, for a total transaction of $854,920.00. Following the transaction, the chief executive officer now owns 3,495,096 shares of the company’s stock, valued at $111,493,562.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Squarespace news, CEO Anthony Casalena sold 26,800 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $31.90, for a total transaction of $854,920.00. Following the transaction, the chief executive officer now directly owns 3,495,096 shares of the company’s stock, valued at approximately $111,493,562.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Courtenay O’connor sold 20,622 shares of Squarespace stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $32.02, for a total transaction of $660,316.44. Following the completion of the transaction, the general counsel now owns 44,189 shares in the company, valued at $1,414,931.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 342,106 shares of company stock valued at $11,865,704. 47.14% of the stock is currently owned by insiders.

Institutional Trading of Squarespace

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. boosted its holdings in shares of Squarespace by 195.2% in the third quarter. Sunbelt Securities Inc. now owns 2,477 shares of the company’s stock valued at $72,000 after acquiring an additional 1,638 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Squarespace by 3,201.0% in the 4th quarter. International Assets Investment Management LLC now owns 3,301 shares of the company’s stock valued at $100,000 after purchasing an additional 3,201 shares in the last quarter. Amalgamated Bank increased its position in Squarespace by 12.4% during the 3rd quarter. Amalgamated Bank now owns 5,106 shares of the company’s stock worth $148,000 after purchasing an additional 565 shares during the period. Handelsbanken Fonder AB purchased a new position in shares of Squarespace during the 4th quarter worth approximately $244,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Squarespace in the 3rd quarter valued at approximately $250,000. 92.30% of the stock is owned by hedge funds and other institutional investors.

About Squarespace

Squarespace, Inc operates platform for businesses and independent creators to build online presence, grow their brands, and manage their businesses across the internet in the United States and internationally. It enables users to manage their projects and businesses through websites, domains, e-commerce, marketing tools, scheduling, and hospitality services, as well as tools for managing a social media presence.