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

Squarespace (NYSE:SQSP) had its price objective raised by research analysts at Royal Bank of Canada from $35.00 to $38.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 1.69% from the company’s current price.

A number of other research firms also recently issued reports on SQSP. Piper Sandler reaffirmed an “overweight” rating and issued a $45.00 target price (up previously from $40.00) on shares of Squarespace in a research report on Wednesday. Barclays lifted their target price on shares of Squarespace from $34.00 to $37.00 and gave the stock an “equal weight” rating in a report on Thursday, February 29th. Robert W. Baird upgraded Squarespace from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $30.00 to $39.00 in a research note on Monday, March 4th. Citigroup upped their target price on Squarespace from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Mizuho lifted their price objective on shares of Squarespace from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Squarespace presently has an average rating of “Moderate Buy” and an average price target of $39.15.

Squarespace Price Performance

Shares of SQSP stock traded up $0.49 during trading hours on Wednesday, reaching $37.37. The company had a trading volume of 360,934 shares, compared to its average volume of 706,062. The company has a 50 day moving average of $34.85 and a 200 day moving average of $32.00. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of -753.20, a P/E/G ratio of 3.48 and a beta of 0.52. Squarespace has a 1-year low of $26.70 and a 1-year high of $37.91.

Squarespace (NYSE:SQSP) last posted its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.12). The company had revenue of $270.72 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. As a group, sell-side analysts forecast that Squarespace will post 0.5 EPS for the current fiscal year.

Insider Transactions at Squarespace

In related news, CEO Anthony Casalena sold 27,240 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $35.62, for a total transaction of $970,288.80. Following the transaction, the chief executive officer now directly 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. In other Squarespace news, CEO Anthony Casalena sold 27,240 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $35.62, for a total value of $970,288.80. Following the sale, the chief executive officer now directly owns 2,773,318 shares of the company’s stock, valued at $98,785,587.16. The sale was disclosed in a filing 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 that occurred on Thursday, March 14th. The shares were sold at an average price of $32.02, for a total value of $660,316.44. Following the completion of the transaction, the general counsel now 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 quarter, insiders sold 342,106 shares of company stock worth $11,865,704. 47.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Squarespace

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. boosted its stake in shares of Squarespace by 195.2% in the third quarter. Sunbelt Securities Inc. now owns 2,477 shares of the company’s stock valued at $72,000 after purchasing an additional 1,638 shares during the period. International Assets Investment Management LLC grew its stake in Squarespace by 3,201.0% during 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 during the last quarter. Amalgamated Bank boosted its holdings in shares of 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 acquiring an additional 565 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of Squarespace in the 4th quarter valued at $244,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Squarespace during the 3rd quarter worth $250,000. Hedge funds and other institutional investors 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.