Raymond James Begins Coverage on Squarespace (NYSE:SQSP)

Raymond James began coverage on shares of Squarespace (NYSE:SQSPFree Report) in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $40.00 price target on the stock.

Several other research analysts have also recently commented on SQSP. Robert W. Baird upgraded 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 note on Monday, March 4th. Citigroup increased their target price on shares of Squarespace from $40.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, February 29th. Royal Bank of Canada lifted their price objective on Squarespace from $32.00 to $35.00 and gave the stock a sector perform rating in a research note on Thursday, February 29th. Mizuho boosted 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. Finally, JMP Securities boosted their target price on Squarespace from $40.00 to $45.00 and gave the stock an outperform rating in a report on Monday, March 18th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $38.54.

Read Our Latest Research Report on Squarespace

Squarespace Trading Down 0.3 %

Shares of SQSP stock opened at $36.44 on Wednesday. The business’s 50 day moving average is $32.83 and its two-hundred day moving average is $30.73. The company has a market capitalization of $4.98 billion, a P/E ratio of -728.80, a price-to-earnings-growth ratio of 3.48 and a beta of 0.49. Squarespace has a twelve month low of $25.59 and a twelve month high of $36.94.

Squarespace (NYSE:SQSPGet Free Report) last issued its quarterly earnings data 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 for 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 business’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.07) earnings per share. As a group, equities analysts predict that Squarespace will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Squarespace news, CFO Nathan Gooden sold 5,129 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $35.07, for a total transaction of $179,874.03. Following the completion of the sale, the chief financial officer now owns 61,374 shares of the company’s stock, valued at approximately $2,152,386.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Squarespace news, CFO Nathan Gooden sold 5,129 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $35.07, for a total transaction of $179,874.03. Following the completion of the sale, the chief financial officer now directly owns 61,374 shares in the company, valued at approximately $2,152,386.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Courtenay O’connor sold 20,622 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $32.02, for a total transaction of $660,316.44. Following the sale, the general counsel now directly owns 44,189 shares in the company, valued at approximately $1,414,931.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 371,988 shares of company stock valued at $11,947,435. Company 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 the stock. Quarry LP purchased a new position in Squarespace during the 2nd quarter worth approximately $25,000. Sunbelt Securities Inc. purchased a new position in shares of Squarespace during the 1st quarter worth $26,000. Neo Ivy Capital Management purchased a new stake in Squarespace in the 2nd quarter valued at about $31,000. Comerica Bank purchased a new stake in Squarespace during the third quarter worth about $31,000. Finally, Captrust Financial Advisors increased its stake in Squarespace by 2,128.1% during the first quarter. Captrust Financial Advisors now owns 1,270 shares of the company’s stock worth $33,000 after purchasing an additional 1,213 shares during the period. 92.30% of the stock is currently owned by institutional investors.

Squarespace Company Profile

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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.

Further Reading

Analyst Recommendations for Squarespace (NYSE:SQSP)

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