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

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

Several other equities research analysts also recently issued reports on SQSP. JMP Securities restated a “market outperform” rating and set a $45.00 price objective on shares of Squarespace in a research report on Tuesday, April 30th. Barclays upped their price objective on Squarespace from $34.00 to $37.00 and gave the company an “equal weight” rating in a report on Thursday, February 29th. Citigroup boosted their target price on shares of Squarespace from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Raymond James started coverage on shares of Squarespace in a research report on Wednesday, March 27th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, Mizuho boosted their price objective on shares of Squarespace from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.15.

Squarespace Stock Up 1.3 %

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

Squarespace (NYSE:SQSP) last announced its quarterly earnings data 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 firm had revenue of $270.72 million during the quarter, compared to the consensus estimate of $263.41 million. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.07) EPS. On average, research analysts expect that Squarespace will post 0.5 earnings per share for the current fiscal year.

Insider Transactions at Squarespace

In other news, CEO Anthony Casalena sold 27,240 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $35.62, for a total value of $970,288.80. Following the completion of the transaction, the chief executive officer now owns 2,773,318 shares of the company’s stock, valued at $98,785,587.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 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 SEC, which is accessible through this link. Also, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $36.81, for a total value of $92,025.00. Following the sale, the insider now directly owns 43,686 shares in the company, valued at $1,608,081.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 342,106 shares of company stock valued at $11,865,704. Corporate insiders own 47.14% of the company’s stock.

Hedge Funds Weigh In On Squarespace

Several large investors have recently modified their holdings of SQSP. Wellington Management Group LLP raised its holdings in Squarespace by 124.8% during the 3rd quarter. Wellington Management Group LLP now owns 7,015,353 shares of the company’s stock worth $203,235,000 after purchasing an additional 3,894,084 shares during the last quarter. Vanguard Group Inc. increased its holdings in Squarespace by 20.4% in the third quarter. Vanguard Group Inc. now owns 5,865,295 shares of the company’s stock worth $169,918,000 after purchasing an additional 994,880 shares in the last quarter. Lazard Asset Management LLC increased its holdings in Squarespace by 291.3% in the third quarter. Lazard Asset Management LLC now owns 505,910 shares of the company’s stock worth $14,655,000 after purchasing an additional 376,634 shares in the last quarter. Hawk Ridge Capital Management LP bought a new stake in shares of Squarespace in the 4th quarter valued at $9,648,000. Finally, UBS Group AG lifted its position in shares of Squarespace by 137.9% during the 4th quarter. UBS Group AG now owns 271,617 shares of the company’s stock valued at $8,966,000 after acquiring an additional 157,462 shares during the period. Institutional investors 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.