JMP Securities Reiterates “Market Outperform” Rating for Squarespace (NYSE:SQSP)

JMP Securities restated their market outperform rating on shares of Squarespace (NYSE:SQSP) in a research note released on Tuesday morning, Benzinga reports. They currently have a $45.00 price objective on the stock.

A number of other brokerages have also recently weighed in on SQSP. B. Riley lifted their price target on shares of Squarespace from $41.00 to $43.00 and gave the company a buy rating in a research report on Thursday, February 29th. Robert W. Baird raised Squarespace from a neutral rating to an outperform rating and raised their price objective for the company from $30.00 to $39.00 in a research report on Monday, March 4th. Royal Bank of Canada upped their target price on Squarespace from $32.00 to $35.00 and gave the stock a sector perform rating in a research report on Thursday, February 29th. Mizuho raised 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. Finally, Raymond James initiated coverage on shares of Squarespace in a research report on Wednesday, March 27th. They set an outperform rating and a $40.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Squarespace has an average rating of Moderate Buy and an average price target of $38.54.

Squarespace Stock Up 2.6 %

Shares of Squarespace stock opened at $35.24 on Tuesday. Squarespace has a fifty-two week low of $25.59 and a fifty-two week high of $37.89. The business’s fifty day moving average is $34.69 and its two-hundred day moving average is $31.84. The firm has a market cap of $4.81 billion, a PE ratio of -704.80, a P/E/G ratio of 3.37 and a beta of 0.52.

Squarespace (NYSE:SQSP) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share 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 quarter in the prior year, the firm posted ($0.07) EPS. Squarespace’s revenue for the quarter was up 18.3% on a year-over-year basis. Equities research analysts anticipate that Squarespace will post 0.5 EPS for the current year.

Insider Activity at Squarespace

In other news, Director Jonathan D. Klein sold 700 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $37.50, for a total transaction of $26,250.00. Following the completion of the transaction, the director now directly owns 651,380 shares in the company, valued at $24,426,750. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Squarespace news, CEO Anthony Casalena sold 26,800 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $31.90, for a total transaction of $854,920.00. Following the sale, the chief executive officer now directly owns 3,495,096 shares in the company, valued at approximately $111,493,562.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan D. Klein sold 700 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $37.50, for a total transaction of $26,250.00. Following the completion of the sale, the director now directly owns 651,380 shares of the company’s stock, valued at $24,426,750. The disclosure for this sale can be found here. Insiders have sold a total of 342,106 shares of company stock worth $11,865,704 in the last ninety days. 47.14% of the stock is owned by insiders.

Institutional Trading of Squarespace

Several institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its stake in Squarespace by 12.4% during the third quarter. Amalgamated Bank now owns 5,106 shares of the company’s stock valued at $148,000 after purchasing an additional 565 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Squarespace by 6.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,658 shares of the company’s stock valued at $319,000 after acquiring an additional 572 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Squarespace by 13.1% during the 1st quarter. Diversified Trust Co now owns 9,561 shares of the company’s stock worth $348,000 after acquiring an additional 1,111 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Squarespace by 6.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,733 shares of the company’s stock worth $756,000 after acquiring an additional 1,340 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Squarespace by 5.8% during the fourth quarter. Teacher Retirement System of Texas now owns 24,419 shares of the company’s stock worth $806,000 after purchasing an additional 1,349 shares during the period. Institutional investors and hedge funds own 92.30% of the company’s stock.

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.