Squarespace (NYSE:SQSP) PT Raised to $40.00 at Barclays

Squarespace (NYSE:SQSP) had its target price increased by equities researchers at Barclays from $37.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 7.10% from the company’s previous close.

Several other equities analysts have also recently weighed in on SQSP. Citigroup lifted their price objective on shares of Squarespace from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. JMP Securities reaffirmed a “market outperform” rating and set a $45.00 target price on shares of Squarespace in a research note on Tuesday, April 30th. Robert W. Baird upgraded shares of Squarespace from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $39.00 in a report on Monday, March 4th. Mizuho lifted their target price on shares of Squarespace from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $45.00 price objective (up from $40.00) on shares of Squarespace in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $39.38.

Squarespace Stock Performance

NYSE SQSP traded up $0.47 on Wednesday, reaching $37.35. The company’s stock had a trading volume of 435,830 shares, compared to its average volume of 706,791. The firm’s 50 day moving average is $34.85 and its two-hundred day moving average is $32.00. The stock has a market cap of $5.10 billion, a PE ratio of -748.80, a PEG ratio of 3.48 and a beta of 0.52. Squarespace has a twelve month low of $26.70 and a twelve month high of $37.91.

Squarespace (NYSE:SQSP) last announced its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.12). The firm had revenue of $270.72 million during the quarter, compared to the consensus estimate of $263.41 million. During the same quarter in the previous year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that Squarespace will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling

In other Squarespace news, CEO Anthony Casalena sold 26,800 shares of Squarespace stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $31.90, for a total value of $854,920.00. Following the completion of the transaction, the chief executive officer now owns 3,495,096 shares in the company, valued at approximately $111,493,562.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Anthony Casalena sold 26,800 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $31.90, for a total value of $854,920.00. Following the transaction, the chief executive officer now owns 3,495,096 shares in the company, valued at $111,493,562.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Gubbay sold 2,500 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $36.81, for a total transaction of $92,025.00. Following the transaction, the insider now owns 43,686 shares in the company, valued at $1,608,081.66. The disclosure for this sale can be found here. Insiders sold 342,106 shares of company stock worth $11,865,704 in the last quarter. 47.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Squarespace

Several institutional investors and hedge funds have recently made changes to their positions in SQSP. SG Americas Securities LLC acquired a new stake in Squarespace during the 3rd quarter worth approximately $405,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Squarespace by 28.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,086 shares of the company’s stock worth $263,000 after buying an additional 2,001 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Squarespace by 102.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 11,344 shares of the company’s stock valued at $329,000 after buying an additional 5,739 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Squarespace by 45.4% in the third quarter. Principal Financial Group Inc. now owns 23,528 shares of the company’s stock valued at $682,000 after purchasing an additional 7,349 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Squarespace by 2.1% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 102,465 shares of the company’s stock worth $2,968,000 after acquiring an additional 2,113 shares in the last quarter. Institutional investors and hedge funds own 92.30% of the company’s stock.

Squarespace Company Profile

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.