Royal Bank of Canada Raises Squarespace (NYSE:SQSP) Price Target to $38.00

Squarespace (NYSE:SQSP) had its target price lifted by Royal Bank of Canada from $35.00 to $38.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

Other research analysts have also issued research reports about the stock. Piper Sandler reiterated an overweight rating and issued a $45.00 price target (up previously from $40.00) on shares of Squarespace in a research note on Wednesday. JMP Securities reiterated a market outperform rating and set a $45.00 target price on shares of Squarespace in a research note on Tuesday, April 30th. Raymond James started coverage on Squarespace in a report on Wednesday, March 27th. They set an outperform rating and a $40.00 price target for the company. Citigroup upped their price objective on Squarespace from $40.00 to $42.00 and gave the company a buy rating in a report on Thursday, February 29th. Finally, B. Riley lifted their target price on Squarespace from $41.00 to $43.00 and gave the stock a buy rating in a report on Thursday, February 29th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $39.38.

Squarespace Stock Down 2.6 %

Shares of NYSE SQSP traded down $0.98 during midday trading on Wednesday, hitting $36.82. 872,324 shares of the company’s stock were exchanged, compared to its average volume of 713,362. Squarespace has a 12 month low of $26.70 and a 12 month high of $38.10. The company’s 50 day moving average price is $34.94 and its 200 day moving average price is $32.04. The firm has a market capitalization of $5.03 billion, a PE ratio of -755.70, a price-to-earnings-growth ratio of 3.48 and a beta of 0.52.

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 business had revenue of $270.72 million for the quarter, compared to analysts’ expectations of $263.41 million. During the same period last year, the business posted ($0.07) earnings per share. Squarespace’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, equities research analysts anticipate that Squarespace will post 0.5 EPS for the current year.

Insider Buying and Selling at Squarespace

In other news, Director Jonathan D. Klein sold 47,247 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $37.65, for a total value of $1,778,849.55. Following the completion of the transaction, the director now owns 604,133 shares of the company’s stock, valued at $22,745,607.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Anthony Casalena sold 27,240 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $35.62, for a total value of $970,288.80. Following the completion of the transaction, the chief executive officer now owns 2,773,318 shares in the company, valued at approximately $98,785,587.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jonathan D. Klein sold 47,247 shares of Squarespace stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $37.65, for a total transaction of $1,778,849.55. Following the sale, the director now owns 604,133 shares in the company, valued at $22,745,607.45. The disclosure for this sale can be found here. Insiders have sold a total of 315,306 shares of company stock worth $11,010,784 over the last 90 days. Insiders own 47.14% of the company’s stock.

Institutional Trading of Squarespace

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its holdings in shares of Squarespace by 195.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,477 shares of the company’s stock worth $72,000 after buying an additional 1,638 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Squarespace by 3,201.0% during the fourth quarter. International Assets Investment Management LLC now owns 3,301 shares of the company’s stock worth $100,000 after acquiring an additional 3,201 shares in the last quarter. Amalgamated Bank grew its holdings in Squarespace by 12.4% in the third quarter. Amalgamated Bank now owns 5,106 shares of the company’s stock worth $148,000 after purchasing an additional 565 shares during the period. Handelsbanken Fonder AB bought a new stake in Squarespace in the fourth quarter valued at $244,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Squarespace during the third quarter valued at about $250,000. Institutional investors and hedge funds 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.