Squarespace (NYSE:SQSP) Price Target Increased to $38.00 by Analysts at Royal Bank of Canada

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

Other equities research analysts have also issued reports about the company. Raymond James started coverage on Squarespace in a research note on Wednesday, March 27th. They set an outperform rating and a $40.00 price objective for the company. Robert W. Baird raised Squarespace from a neutral rating to an outperform rating and lifted their price target for the stock from $30.00 to $39.00 in a research note on Monday, March 4th. B. Riley upped their price objective on shares of Squarespace from $41.00 to $43.00 and gave the company a buy rating in a research note on Thursday, February 29th. JMP Securities reissued a market outperform rating and issued a $45.00 target price on shares of Squarespace in a research report on Tuesday, April 30th. Finally, Barclays boosted their price target on shares of Squarespace from $34.00 to $37.00 and gave the company an equal weight rating in a report on Thursday, February 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $39.38.

Squarespace Price Performance

Shares of SQSP traded down $0.98 during midday trading on Wednesday, reaching $36.82. The stock had a trading volume of 872,324 shares, compared to its average volume of 713,362. The firm’s 50 day moving average price is $34.94 and its 200-day moving average price is $32.04. Squarespace has a 52 week low of $26.70 and a 52 week high of $38.10. The company has a market capitalization of $5.03 billion, a P/E ratio of -755.70, a P/E/G ratio of 3.48 and a beta of 0.52.

Squarespace (NYSE:SQSP) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share 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 the consensus estimate of $263.41 million. During the same period last year, the firm earned ($0.07) earnings per share. The company’s revenue was up 18.3% compared to the same quarter last year. On average, equities analysts forecast that Squarespace will post 0.5 earnings per share for the current year.

Insider Activity at Squarespace

In other Squarespace news, CEO Anthony Casalena sold 67,230 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was 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 of the company’s stock, valued at approximately $107,848,920.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Squarespace news, insider Paul Gubbay sold 2,500 shares of the 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 $1,608,081.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anthony Casalena sold 67,230 shares of the firm’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 transaction, the chief executive officer now owns 3,388,279 shares in the company, valued at $107,848,920.57. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 315,306 shares of company stock valued at $11,010,784. Insiders own 47.14% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SQSP. Amalgamated Bank boosted its position in Squarespace by 12.4% during 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. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Squarespace by 6.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,658 shares of the company’s stock worth $319,000 after buying an additional 572 shares during the period. Diversified Trust Co grew its stake in Squarespace by 13.1% in the 1st quarter. Diversified Trust Co now owns 9,561 shares of the company’s stock valued at $348,000 after buying an additional 1,111 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Squarespace by 9.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,380 shares of the company’s stock worth $524,000 after acquiring an additional 1,260 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Squarespace by 6.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,733 shares of the company’s stock worth $756,000 after acquiring an additional 1,340 shares during the last quarter. 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.