Squarespace (NYSE:SQSP) Hits New 12-Month High at $45.34

Shares of Squarespace, Inc. (NYSE:SQSP) reached a new 52-week high on Thursday . The company traded as high as $45.34 and last traded at $45.31, with a volume of 72212 shares traded. The stock had previously closed at $45.21.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on Squarespace from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Raymond James reissued a “market perform” rating on shares of Squarespace in a research report on Monday, May 13th. Mizuho lowered shares of Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a research report on Monday, August 5th. Robert W. Baird reiterated a “neutral” rating and issued a $44.00 price target (down previously from $45.00) on shares of Squarespace in a report on Monday, May 13th. Finally, Piper Sandler cut Squarespace from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 13th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Squarespace currently has an average rating of “Hold” and a consensus target price of $42.64.

Squarespace Price Performance

The company has a market capitalization of $6.30 billion, a PE ratio of -909.60, a price-to-earnings-growth ratio of 5.13 and a beta of 0.62. The company’s fifty day moving average is $44.17 and its 200-day moving average is $39.78.

Squarespace (NYSE:SQSP) last announced its earnings results on Friday, August 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.07). The business had revenue of $296.80 million during the quarter, compared to analyst estimates of $293.12 million. The company’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Equities research analysts forecast that Squarespace, Inc. will post 0.44 EPS for the current fiscal year.

Insider Activity at Squarespace

In other news, insider Paul Gubbay sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $43.82, for a total value of $109,550.00. Following the sale, the insider now directly owns 42,486 shares in the company, valued at approximately $1,861,736.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Paul Gubbay sold 2,500 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $43.82, for a total transaction of $109,550.00. Following the transaction, the insider now directly owns 42,486 shares of the company’s stock, valued at $1,861,736.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Anthony Casalena sold 59,882 shares of the stock in a transaction 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 sale, the chief executive officer now owns 1,975,618 shares of the company’s stock, valued at approximately $86,492,556.04. The disclosure for this sale can be found here. Insiders have sold a total of 196,053 shares of company stock valued at $8,595,861 over the last quarter. 44.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Squarespace

Several institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Squarespace in the second quarter worth $71,000. CWM LLC increased its position in shares of Squarespace by 185.6% in the 2nd quarter. CWM LLC now owns 2,016 shares of the company’s stock valued at $88,000 after acquiring an additional 1,310 shares during the period. Quest Partners LLC raised its stake in Squarespace by 1,828.9% in the 2nd quarter. Quest Partners LLC now owns 2,739 shares of the company’s stock worth $120,000 after acquiring an additional 2,597 shares during the last quarter. Sagefield Capital LP acquired a new stake in Squarespace during the 2nd quarter worth about $197,000. Finally, Ameritas Investment Partners Inc. grew its stake in Squarespace by 8.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,666 shares of the company’s stock valued at $206,000 after purchasing an additional 437 shares during the last quarter. Institutional investors and hedge funds 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.