Squarespace’s (SQSP) Outperform Rating Reiterated at William Blair

Squarespace (NYSE:SQSP)‘s stock had its “outperform” rating reaffirmed by stock analysts at William Blair in a research report issued to clients and investors on Wednesday, Zacks.com reports. William Blair also issued estimates for Squarespace’s Q2 2024 earnings at $0.14 EPS, FY2024 earnings at $0.57 EPS and FY2025 earnings at $0.71 EPS.

SQSP has been the topic of several other research reports. Mizuho increased 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. JMP Securities reiterated a “market outperform” rating and issued a $45.00 price objective on shares of Squarespace in a report on Tuesday, April 30th. Raymond James started coverage on Squarespace in a research note on Wednesday, March 27th. They set an “outperform” rating and a $40.00 target price for the company. Robert W. Baird upgraded shares of Squarespace from a “neutral” rating to an “outperform” rating and increased their price target for the company from $30.00 to $39.00 in a research note on Monday, March 4th. Finally, Citigroup boosted 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. Five research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $39.38.

Squarespace Stock Performance

Shares of Squarespace stock opened at $36.82 on Wednesday. The business has a 50-day simple moving average of $35.01 and a 200-day simple moving average of $32.07. Squarespace has a one year low of $26.70 and a one year high of $38.10. The company has a market cap of $5.03 billion, a PE ratio of -736.40, a P/E/G ratio of 3.48 and a beta of 0.52.

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

Insider Activity at Squarespace

In other Squarespace news, insider Paul Gubbay sold 2,500 shares of the firm’s stock in a transaction on 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 directly owns 43,686 shares of the company’s stock, valued at approximately $1,608,081.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Gubbay sold 2,500 shares of the 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 completion of the sale, the insider now owns 43,686 shares in the company, valued at $1,608,081.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Anthony Casalena sold 67,230 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 3,388,279 shares in the company, valued at approximately $107,848,920.57. The disclosure for this sale can be found here. Insiders sold a total of 315,306 shares of company stock worth $11,010,784 in the last 90 days. 47.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Squarespace

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Squarespace by 124.8% in the 3rd quarter. Wellington Management Group LLP now owns 7,015,353 shares of the company’s stock valued at $203,235,000 after buying an additional 3,894,084 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Squarespace by 20.4% in the 3rd quarter. Vanguard Group Inc. now owns 5,865,295 shares of the company’s stock worth $169,918,000 after acquiring an additional 994,880 shares during the period. Lazard Asset Management LLC lifted its stake in shares of Squarespace by 291.3% in the 3rd quarter. Lazard Asset Management LLC now owns 505,910 shares of the company’s stock worth $14,655,000 after acquiring an additional 376,634 shares during the period. Hawk Ridge Capital Management LP purchased a new stake in shares of Squarespace in the fourth quarter valued at about $9,648,000. Finally, UBS Group AG increased its stake in shares of Squarespace by 137.9% during the fourth quarter. UBS Group AG now owns 271,617 shares of the company’s stock worth $8,966,000 after acquiring an additional 157,462 shares during the period. Hedge funds and other institutional investors 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.