Squarespace (NYSE:SQSP) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Squarespace (NYSE:SQSP) in a research note released on Wednesday morning, Benzinga reports. The firm currently has a $45.00 price target on the stock, up from their prior price target of $40.00.

Several other equities research analysts have also recently weighed in on the stock. Royal Bank of Canada increased their target price on shares of Squarespace from $32.00 to $35.00 and gave the company a sector perform rating in a research note on Thursday, February 29th. Barclays boosted their price objective on Squarespace from $34.00 to $37.00 and gave the company an equal weight rating in a research report on Thursday, February 29th. Citigroup raised their target price on Squarespace from $40.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, February 29th. Mizuho boosted 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. Finally, JMP Securities reaffirmed a market outperform rating and set a $45.00 price objective on shares of Squarespace in a report on Tuesday, April 30th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Squarespace currently has a consensus rating of Moderate Buy and a consensus target price of $40.62.

Squarespace Price Performance

NYSE SQSP opened at $38.20 on Wednesday. The stock has a 50-day simple moving average of $35.13 and a 200 day simple moving average of $32.13. Squarespace has a twelve month low of $26.70 and a twelve month high of $38.30.

Squarespace (NYSE:SQSP) last posted 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 during the quarter, compared to the consensus estimate of $263.41 million. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period last year, the company earned ($0.07) earnings per share. As a group, analysts predict that Squarespace will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Squarespace

In related news, CEO Anthony Casalena sold 67,230 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Squarespace news, CEO Anthony Casalena sold 67,230 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $107,848,920.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Gubbay sold 2,500 shares of the company’s 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 transaction, the insider now owns 43,686 shares in the company, valued at $1,608,081.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 315,306 shares of company stock worth $11,010,784. Corporate insiders own 47.14% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SQSP. Amalgamated Bank lifted its stake in Squarespace by 12.4% in the third quarter. Amalgamated Bank now owns 5,106 shares of the company’s stock valued at $148,000 after buying an additional 565 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Squarespace by 6.3% in 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 period. Diversified Trust Co boosted its stake in 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 during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Squarespace by 9.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 14,380 shares of the company’s stock valued at $524,000 after purchasing an additional 1,260 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in Squarespace by 6.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 20,733 shares of the company’s stock valued at $756,000 after purchasing an additional 1,340 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.