Squarespace (NYSE:SQSP) PT Raised to $47.00

Squarespace (NYSE:SQSP) had its target price raised by Barclays from $44.00 to $47.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also recently issued reports on SQSP. B. Riley cut Squarespace from a buy rating to a neutral rating and set a $43.00 price objective for the company. in a report on Tuesday, June 11th. UBS Group boosted their price objective on Squarespace from $44.00 to $46.50 and gave the company a neutral rating in a report on Tuesday. Mizuho cut Squarespace from an outperform rating to a neutral rating and set a $44.00 price objective for the company. in a report on Monday, August 5th. The Goldman Sachs Group boosted their price objective on Squarespace from $36.00 to $40.00 and gave the company a neutral rating in a report on Monday, May 13th. Finally, Piper Sandler cut Squarespace from a strong-buy rating to a hold rating in a report on Monday, May 13th. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Squarespace presently has a consensus rating of Hold and an average target price of $43.14.

Squarespace Stock Performance

Shares of Squarespace stock opened at $46.26 on Tuesday. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of -925.20, a price-to-earnings-growth ratio of 8.28 and a beta of 0.62. The stock has a 50 day moving average price of $44.61 and a 200-day moving average price of $40.73. Squarespace has a one year low of $26.70 and a one year high of $46.37.

Squarespace (NYSE:SQSP) last announced its earnings results on Friday, August 2nd. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.07). The firm had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $293.12 million. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. Sell-side analysts predict that Squarespace will post 0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Anthony Casalena sold 60,012 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $43.52, for a total value of $2,611,722.24. Following the completion of the transaction, the chief executive officer now directly owns 2,092,872 shares of the company’s stock, valued at approximately $91,081,789.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Anthony Casalena sold 60,012 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $43.52, for a total value of $2,611,722.24. Following the completion of the transaction, the chief executive officer now directly owns 2,092,872 shares of the company’s stock, valued at approximately $91,081,789.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Gubbay sold 2,500 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $44.12, for a total value of $110,300.00. Following the completion of the transaction, the insider now directly owns 37,486 shares of the company’s stock, valued at $1,653,882.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 232,019 shares of company stock worth $10,227,282. 44.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Brooklyn FI LLC acquired a new position in Squarespace during the 1st quarter valued at about $679,000. Russell Investments Group Ltd. increased its position in Squarespace by 5.0% during the 1st quarter. Russell Investments Group Ltd. now owns 253,812 shares of the company’s stock valued at $9,263,000 after buying an additional 12,180 shares in the last quarter. UBS Group AG increased its position in Squarespace by 137.9% during the 4th quarter. UBS Group AG now owns 271,617 shares of the company’s stock valued at $8,966,000 after buying an additional 157,462 shares in the last quarter. Vanguard Group Inc. increased its position in Squarespace by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 6,699,064 shares of the company’s stock valued at $244,114,000 after buying an additional 354,057 shares in the last quarter. Finally, Hawk Ridge Capital Management LP purchased a new stake in Squarespace during the 4th quarter valued at about $9,648,000. 92.30% of the stock is owned by institutional investors and hedge funds.

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.