Barclays Raises Squarespace (NYSE:SQSP) Price Target to $47.00

Squarespace (NYSE:SQSP) had its price objective upped by Barclays from $44.00 to $47.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other brokerages have also issued reports on SQSP. Mizuho lowered Squarespace from an outperform rating to a neutral rating and set a $44.00 price target for the company. in a research note on Monday, August 5th. Robert W. Baird reaffirmed a neutral rating and set a $44.00 price objective (down from $45.00) on shares of Squarespace in a report on Monday, May 13th. B. Riley lowered shares of Squarespace from a buy rating to a neutral rating and set a $43.00 target price for the company. in a research report on Tuesday, June 11th. Baird R W downgraded shares of Squarespace from a strong-buy rating to a hold rating in a report on Monday, May 13th. Finally, UBS Group increased their price objective on shares of Squarespace from $44.00 to $46.50 and gave the company a neutral rating in a report on Tuesday. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Squarespace currently has a consensus rating of Hold and an average target price of $43.14.

Squarespace Price Performance

SQSP stock opened at $46.23 on Tuesday. The company has a market cap of $6.36 billion, a P/E ratio of -924.50, a price-to-earnings-growth ratio of 8.11 and a beta of 0.62. Squarespace has a 1 year low of $26.70 and a 1 year high of $46.27. The stock’s fifty day moving average price is $44.46 and its 200-day moving average price is $40.56.

Squarespace (NYSE:SQSP) last posted its quarterly earnings data on Friday, August 2nd. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.07). The firm had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $293.12 million. During the same period last year, the business earned $0.03 EPS. Squarespace’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, analysts expect that Squarespace will post 0.28 earnings per share for the current year.

Insider Buying and Selling at Squarespace

In related news, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $43.72, for a total transaction of $109,300.00. Following the completion of the transaction, the insider now directly owns 39,986 shares of the company’s stock, valued at approximately $1,748,187.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Squarespace news, insider Paul Gubbay sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $43.72, for a total transaction of $109,300.00. Following the completion of the transaction, the insider now owns 39,986 shares in the company, valued at $1,748,187.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anthony Casalena sold 59,882 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $43.78, for a total value of $2,621,633.96. Following the transaction, the chief executive officer now directly owns 1,975,618 shares in the company, valued at approximately $86,492,556.04. The disclosure for this sale can be found here. Insiders have sold 232,019 shares of company stock worth $10,227,282 over the last quarter. Insiders own 44.96% of the company’s stock.

Institutional Investors Weigh In On Squarespace

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Water Island Capital LLC bought a new position in shares of Squarespace during the 2nd quarter worth $37,107,000. Susquehanna Fundamental Investments LLC purchased a new stake in Squarespace in the second quarter worth about $657,000. The Manufacturers Life Insurance Company grew its holdings in Squarespace by 14.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,561 shares of the company’s stock worth $2,160,000 after acquiring an additional 6,114 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Squarespace during the 2nd quarter valued at about $71,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Squarespace in the 2nd quarter valued at about $245,000. 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.