Squarespace (NYSE:SQSP) Price Target Increased to $40.00 by Analysts at Barclays

Squarespace (NYSE:SQSP) had its price target upped by Barclays from $37.00 to $40.00 in a research report report published on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

SQSP has been the topic of a number of other reports. Robert W. Baird raised Squarespace from a neutral rating to an outperform rating and raised their price target for the company from $30.00 to $39.00 in a report on Monday, March 4th. JMP Securities reissued 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 assumed coverage on shares of Squarespace in a research note on Wednesday, March 27th. They issued an outperform rating and a $40.00 price target for the company. Citigroup raised their price objective on shares of Squarespace from $40.00 to $42.00 and gave the company a buy rating in a research note on Thursday, February 29th. Finally, Piper Sandler reissued an overweight rating and set a $45.00 target price (up previously from $40.00) on shares of Squarespace in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Squarespace has a consensus rating of Moderate Buy and a consensus price target of $39.38.

Squarespace Price Performance

Shares of SQSP stock traded down $0.98 during trading hours 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 has a 50-day simple moving average of $34.94 and a 200-day simple moving average of $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 has a twelve month low of $26.70 and a twelve month high of $38.10.

Squarespace (NYSE:SQSP) last released 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 firm had revenue of $270.72 million during the quarter, compared to the consensus estimate of $263.41 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. The company’s revenue was up 18.3% on a year-over-year basis. On average, equities analysts anticipate 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 27,240 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $35.62, for a total transaction of $970,288.80. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Squarespace news, CEO Anthony Casalena sold 27,240 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $35.62, for a total transaction 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 approximately $98,785,587.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan D. Klein sold 47,247 shares of the firm’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $37.65, for a total value of $1,778,849.55. Following the completion of the sale, the director now directly owns 604,133 shares of the company’s stock, valued at approximately $22,745,607.45. The disclosure for this sale can be found here. Insiders sold 315,306 shares of company stock worth $11,010,784 in the last quarter. 47.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SQSP. Wellington Management Group LLP boosted its stake in shares of Squarespace by 18.1% during the 4th quarter. Wellington Management Group LLP now owns 8,284,051 shares of the company’s stock valued at $273,457,000 after buying an additional 1,268,698 shares during the period. Vanguard Group Inc. boosted its position in Squarespace by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 6,345,007 shares of the company’s stock valued at $209,449,000 after purchasing an additional 479,712 shares during the last quarter. Acadian Asset Management LLC grew its stake in Squarespace by 2.7% in the third quarter. Acadian Asset Management LLC now owns 1,191,871 shares of the company’s stock valued at $34,508,000 after purchasing an additional 31,448 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in Squarespace by 17.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 912,135 shares of the company’s stock worth $26,425,000 after purchasing an additional 134,598 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Squarespace by 32.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,091 shares of the company’s stock worth $15,183,000 after purchasing an additional 127,362 shares in the last quarter. 92.30% of the stock is owned by hedge funds and other institutional investors.

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.