Squarespace (NYSE:SQSP) Downgraded by Zacks Investment Research

Squarespace (NYSE:SQSPGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Squarespace Inc. provides an all-in-one website building and ecommerce platform. It operates principally in Dublin, Ireland, Portland, Oregon and Los Angeles, California. Squarespace Inc. is headquartered in New York City. “

Several other research analysts have also recently weighed in on the stock. Piper Sandler cut shares of Squarespace from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $45.00 to $26.00 in a report on Monday, April 25th. The Goldman Sachs Group began coverage on shares of Squarespace in a report on Monday, May 2nd. They set a “neutral” rating and a $24.00 target price for the company. Raymond James cut their price target on shares of Squarespace from $55.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 8th. Berenberg Bank started coverage on Squarespace in a report on Wednesday, January 12th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, Barclays dropped their price objective on Squarespace from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $43.39.

NYSE SQSP traded down $0.52 during trading on Tuesday, reaching $14.98. 10,987 shares of the stock traded hands, compared to its average volume of 492,915. The firm’s 50-day moving average is $24.39. Squarespace has a fifty-two week low of $15.36 and a fifty-two week high of $64.71.

In other Squarespace news, General Counsel Courtenay O’connor sold 6,557 shares of Squarespace stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $26.89, for a total transaction of $176,317.73. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in Squarespace by 1,000.0% in the third quarter. Royal Bank of Canada now owns 1,100 shares of the company’s stock worth $43,000 after acquiring an additional 1,000 shares in the last quarter. Fifth Third Bancorp bought a new stake in Squarespace during the 4th quarter valued at $50,000. Compagnie Lombard Odier SCmA raised its holdings in Squarespace by 100.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 2,000 shares of the company’s stock worth $59,000 after buying an additional 1,000 shares during the last quarter. Advisor Group Holdings Inc. lifted its stake in shares of Squarespace by 278.9% in the third quarter. Advisor Group Holdings Inc. now owns 1,561 shares of the company’s stock valued at $60,000 after buying an additional 1,149 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Squarespace during the fourth quarter worth about $84,000. 37.53% of the stock is owned by institutional investors and hedge funds.

Squarespace Company Profile (Get Rating)

Squarespace, Inc operates platform for businesses and independent creators to build online presence, grow their brands, and manage their businesses across the internet. Its suite of integrated products enables users to manage their projects and businesses through websites, domains, e-commerce, marketing tools, and scheduling, as well as tools for managing a social media presence.

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