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

by · The Markets Daily

Squarespace (NYSE:SQSP – Free Report) had its price target hoisted by Royal Bank of Canada from $35.00 to $38.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

Other analysts also recently issued reports about the stock. Robert W. Baird upgraded shares of Squarespace from a neutral rating to an outperform rating and boosted their price target for the stock from $30.00 to $39.00 in a research report on Monday, March 4th. Raymond James began coverage on Squarespace in a report on Wednesday, March 27th. They set an outperform rating and a $40.00 target price on the stock. Mizuho increased their price target on Squarespace from $32.00 to $34.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Piper Sandler reissued an overweight rating and issued a $45.00 price objective (up previously from $40.00) on shares of Squarespace in a research note on Wednesday. Finally, JMP Securities reaffirmed a market outperform rating and set a $45.00 target price on shares of Squarespace in a research note on Tuesday, April 30th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Squarespace currently has a consensus rating of Moderate Buy and a consensus price target of $40.62.

Check Out Our Latest Research Report on SQSP

Squarespace Price Performance

Shares of SQSP stock opened at $38.19 on Wednesday. Squarespace has a 12-month low of $26.70 and a 12-month high of $38.30. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of -763.80, a price-to-earnings-growth ratio of 3.74 and a beta of 0.52. The business has a 50 day simple moving average of $35.13 and a 200 day simple moving average of $32.15.

Squarespace (NYSE:SQSP – Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) 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. During the same period last year, the firm posted ($0.07) earnings per share. The business’s quarterly revenue was up 18.3% on a year-over-year basis. On average, equities analysts anticipate that Squarespace will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Squarespace news, CEO Anthony Casalena sold 67,230 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were 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 $107,848,920.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction on Friday, April 12th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 transaction, the chief executive officer now directly owns 3,388,279 shares in the company, valued at $107,848,920.57. The disclosure for this sale can be found here. In the last quarter, insiders have sold 315,306 shares of company stock valued at $11,010,784. 47.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Squarespace

Institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. lifted its position in shares of Squarespace by 195.2% in the third quarter. Sunbelt Securities Inc. now owns 2,477 shares of the company’s stock worth $72,000 after purchasing an additional 1,638 shares in the last quarter. International Assets Investment Management LLC lifted its position in Squarespace by 3,201.0% in the 4th quarter. International Assets Investment Management LLC now owns 3,301 shares of the company’s stock worth $100,000 after buying an additional 3,201 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Squarespace by 12.4% during the 3rd 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. Handelsbanken Fonder AB purchased a new position in shares of Squarespace during the 4th quarter valued at $244,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Squarespace in the third quarter worth $250,000. 92.30% of the stock is currently owned by institutional investors and hedge funds.

About Squarespace

(Get Free Report)

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.

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