Squarespace (NYSE:SQSP) Receives New Coverage from Analysts at Raymond James

Raymond James started coverage on shares of Squarespace (NYSE:SQSP) in a research note issued to investors on Wednesday morning, MarketBeat reports. The firm issued an outperform rating and a $40.00 price target on the stock.

SQSP has been the subject of a number of other reports. Mizuho upped their price target on shares of Squarespace from $32.00 to $34.00 and gave the company a neutral rating in a report on Thursday, February 29th. Royal Bank of Canada lifted 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. B. Riley raised their price objective on Squarespace from $41.00 to $43.00 and gave the stock a buy rating in a research report on Thursday, February 29th. JMP Securities boosted their price objective on Squarespace from $40.00 to $45.00 and gave the company an outperform rating in a research report on Monday, March 18th. Finally, Piper Sandler reiterated an overweight rating and set a $40.00 price target on shares of Squarespace in a research note on Thursday, February 29th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Squarespace currently has an average rating of Moderate Buy and an average price target of $38.54.

Squarespace Trading Up 1.4 %

SQSP opened at $36.53 on Wednesday. The stock has a fifty day moving average price of $32.63 and a 200 day moving average price of $30.65. Squarespace has a 1 year low of $25.59 and a 1 year high of $36.94. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of -730.60, a PEG ratio of 3.45 and a beta of 0.49.

Squarespace (NYSE:SQSP) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.12). The firm had revenue of $270.72 million during the quarter, compared to analyst estimates of $263.41 million. Squarespace had a negative return on equity of 2.24% and a negative net margin of 0.70%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.07) EPS. As a group, sell-side analysts forecast that Squarespace will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Courtenay O’connor sold 20,622 shares of Squarespace stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $32.02, for a total value of $660,316.44. Following the completion of the sale, the general counsel now directly owns 44,189 shares of the company’s stock, valued at approximately $1,414,931.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Anthony Casalena sold 36,349 shares of Squarespace stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $32.11, for a total transaction of $1,167,166.39. Following the transaction, the chief executive officer now owns 3,691,790 shares of the company’s stock, valued at approximately $118,543,376.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Courtenay O’connor sold 20,622 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $32.02, for a total transaction of $660,316.44. Following the completion of the sale, the general counsel now owns 44,189 shares of the company’s stock, valued at approximately $1,414,931.78. The disclosure for this sale can be found here. Insiders sold 371,988 shares of company stock worth $11,947,435 in the last quarter. Insiders own 47.14% of the company’s stock.

Institutional Investors Weigh In On Squarespace

Several large investors have recently made changes to their positions in SQSP. Wellington Management Group LLP lifted its holdings in shares of Squarespace by 124.8% in the third quarter. Wellington Management Group LLP now owns 7,015,353 shares of the company’s stock valued at $203,235,000 after purchasing an additional 3,894,084 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Squarespace by 56.3% during the 1st quarter. Vanguard Group Inc. now owns 3,645,279 shares of the company’s stock worth $93,392,000 after acquiring an additional 1,313,755 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Squarespace in the first quarter worth $27,254,000. BlackRock Inc. grew its position in Squarespace by 38.7% in the second quarter. BlackRock Inc. now owns 3,427,924 shares of the company’s stock valued at $108,117,000 after purchasing an additional 956,920 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Squarespace by 152.8% during the 2nd quarter. Renaissance Technologies LLC now owns 932,500 shares of the company’s stock worth $29,411,000 after buying an additional 563,600 shares in the last quarter. Institutional investors own 92.30% of the company’s stock.

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.