Squarespace (NYSE:SQSP) Price Target Raised to $38.00

Squarespace (NYSE:SQSP) had its target price lifted by equities research analysts at Royal Bank of Canada from $35.00 to $38.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 3.20% from the stock’s current price.

Other research analysts also recently issued reports about the company. B. Riley boosted their price target on Squarespace from $41.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, February 29th. JMP Securities reissued a “market outperform” rating and issued a $45.00 price target on shares of Squarespace in a report on Tuesday, April 30th. Raymond James assumed coverage on Squarespace in a report on Wednesday, March 27th. They issued an “outperform” rating and a $40.00 price target for the company. Mizuho upped their target price on Squarespace from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Finally, Robert W. Baird raised Squarespace from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $30.00 to $39.00 in a research note on Monday, March 4th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Squarespace presently has a consensus rating of “Moderate Buy” and an average target price of $39.38.

Squarespace Stock Down 2.6 %

Shares of NYSE SQSP opened at $36.82 on Wednesday. The business’s 50 day moving average price is $35.01 and its 200 day moving average price is $32.07. The firm has a market cap of $5.03 billion, a P/E ratio of -736.40, a P/E/G ratio of 3.48 and a beta of 0.52. Squarespace has a 52 week low of $26.70 and a 52 week high of $38.10.

Squarespace (NYSE:SQSP) last announced its quarterly 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 business had revenue of $270.72 million during the quarter, compared to the consensus estimate of $263.41 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, research analysts expect that Squarespace will post 0.5 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Anthony Casalena sold 67,230 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $31.83, for a total transaction of $2,139,930.90. Following the completion of the sale, the chief executive officer now directly owns 3,388,279 shares in the company, valued at $107,848,920.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Squarespace news, CFO Nathan Gooden sold 5,129 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $31.85, for a total value of $163,358.65. Following the completion of the sale, the chief financial officer now directly owns 66,503 shares in the company, valued at approximately $2,118,120.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Anthony Casalena sold 67,230 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $31.83, for a total value of $2,139,930.90. Following the completion of the sale, the chief executive officer now owns 3,388,279 shares of the company’s stock, valued at $107,848,920.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 315,306 shares of company stock worth $11,010,784. 47.14% of the stock is owned by corporate insiders.

Institutional Trading of Squarespace

Several large investors have recently added to or reduced their stakes in SQSP. SG Americas Securities LLC purchased a new stake in Squarespace in the 3rd quarter valued at $405,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Squarespace by 28.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,086 shares of the company’s stock worth $263,000 after purchasing an additional 2,001 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Squarespace by 102.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 11,344 shares of the company’s stock worth $329,000 after purchasing an additional 5,739 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Squarespace by 45.4% during the 3rd quarter. Principal Financial Group Inc. now owns 23,528 shares of the company’s stock worth $682,000 after purchasing an additional 7,349 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Squarespace by 2.1% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 102,465 shares of the company’s stock worth $2,968,000 after purchasing an additional 2,113 shares during the period. 92.30% of the stock is currently owned by hedge funds and other institutional investors.

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.