Squarespace (NYSE:SQSP) Earns Outperform Rating from Analysts at Raymond James

Raymond James initiated coverage on shares of Squarespace (NYSE:SQSP) in a research report report published on Wednesday, Marketbeat.com reports. The brokerage issued an outperform rating and a $40.00 target price on the stock.

A number of other brokerages have also recently weighed in on SQSP. Royal Bank of Canada increased their price target on shares of Squarespace from $32.00 to $35.00 and gave the stock a sector perform rating in a research note on Thursday, February 29th. Piper Sandler restated an overweight rating and set a $40.00 target price on shares of Squarespace in a report on Thursday, February 29th. Citigroup raised their price target on shares of Squarespace from $40.00 to $42.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Barclays raised their price target on shares of Squarespace from $34.00 to $37.00 and gave the stock an equal weight rating in a research note on Thursday, February 29th. Finally, Robert W. Baird raised shares of Squarespace from a neutral rating to an outperform rating and raised their price target for the stock from $30.00 to $39.00 in a research note on Monday, March 4th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $38.54.

Squarespace Trading Down 0.3 %

Shares of NYSE:SQSP opened at $36.44 on Wednesday. The company’s 50 day moving average is $32.83 and its two-hundred day moving average is $30.73. Squarespace has a 52 week low of $25.59 and a 52 week high of $36.94. The company has a market cap of $4.98 billion, a PE ratio of -728.80, a P/E/G ratio of 3.48 and a beta of 0.49.

Squarespace (NYSE:SQSP) last issued its earnings results 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). Squarespace had a negative net margin of 0.70% and a negative return on equity of 2.24%. The company had revenue of $270.72 million during the quarter, compared to analyst estimates of $263.41 million. During the same quarter in the previous year, the company posted ($0.07) EPS. The company’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, equities research analysts expect that Squarespace will post 0.52 EPS for the current year.

Insider Buying and Selling at Squarespace

In other Squarespace news, CFO Nathan Gooden sold 5,129 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $35.07, for a total value of $179,874.03. Following the sale, the chief financial officer now owns 61,374 shares in the company, valued at approximately $2,152,386.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Anthony Casalena sold 43,539 shares of the stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $31.64, for a total value of $1,377,573.96. Following the completion of the sale, the chief executive officer now owns 3,648,251 shares of the company’s stock, valued at $115,430,661.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Nathan Gooden sold 5,129 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $35.07, for a total value of $179,874.03. Following the sale, the chief financial officer now directly owns 61,374 shares of the company’s stock, valued at approximately $2,152,386.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 371,988 shares of company stock worth $11,947,435. Corporate insiders own 47.14% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SQSP. Advisor Group Holdings Inc. grew its position in shares of Squarespace by 93.2% in the first quarter. Advisor Group Holdings Inc. now owns 3,336 shares of the company’s stock valued at $85,000 after purchasing an additional 1,609 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Squarespace by 317.0% during the 1st quarter. JPMorgan Chase & Co. now owns 56,433 shares of the company’s stock worth $1,446,000 after acquiring an additional 42,900 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Squarespace in the 1st quarter worth approximately $207,000. Bank of New York Mellon Corp boosted its stake in Squarespace by 953.4% during the 1st quarter. Bank of New York Mellon Corp now owns 441,633 shares of the company’s stock valued at $11,314,000 after purchasing an additional 399,710 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Squarespace by 44.8% during the 1st quarter. US Bancorp DE now owns 12,704 shares of the company’s stock valued at $326,000 after buying an additional 3,931 shares during the period. 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.