Squarespace (NYSE:SQSP) Reaches New 52-Week High at $37.91

Squarespace, Inc. (NYSE:SQSP) shares hit a new 52-week high on Tuesday . The company traded as high as $37.91 and last traded at $36.01, with a volume of 75907 shares changing hands. The stock had previously closed at $35.44.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SQSP. Mizuho raised their target price on Squarespace from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Robert W. Baird raised Squarespace from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $30.00 to $39.00 in a research report on Monday, March 4th. Citigroup lifted their price target on Squarespace from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Barclays lifted their price target on Squarespace from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Raymond James initiated coverage on Squarespace in a research report on Wednesday, March 27th. They set an “outperform” rating and a $40.00 price target for the company. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.38.

Squarespace Stock Performance

The company has a 50 day moving average of $34.94 and a two-hundred day moving average of $32.04. The stock has a market cap 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 (NYSE:SQSP) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.12). The company had revenue of $270.72 million during the quarter, compared to analysts’ expectations of $263.41 million. During the same period in the previous year, the company posted ($0.07) EPS. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Squarespace, Inc. will post 0.5 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Anthony Casalena sold 67,230 shares of Squarespace stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $31.83, for a total transaction of $2,139,930.90. Following the transaction, the chief executive officer now owns 3,388,279 shares in the company, valued at approximately $107,848,920.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Anthony Casalena sold 67,230 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $31.83, for a total value of $2,139,930.90. Following the transaction, the chief executive officer now directly owns 3,388,279 shares in the company, valued at $107,848,920.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Nathan Gooden sold 5,129 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $31.85, for a total value of $163,358.65. Following the sale, the chief financial officer now directly owns 66,503 shares of the company’s stock, valued at approximately $2,118,120.55. The disclosure for this sale can be found here. In the last three months, insiders sold 315,306 shares of company stock worth $11,010,784. Corporate insiders own 47.14% of the company’s stock.

Hedge Funds Weigh In On Squarespace

Hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in shares of Squarespace in the 3rd quarter valued at about $405,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Squarespace by 28.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,086 shares of the company’s stock valued at $263,000 after buying an additional 2,001 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Squarespace by 102.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 11,344 shares of the company’s stock valued at $329,000 after buying an additional 5,739 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Squarespace by 45.4% in the 3rd quarter. Principal Financial Group Inc. now owns 23,528 shares of the company’s stock valued at $682,000 after buying an additional 7,349 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Squarespace by 2.1% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 102,465 shares of the company’s stock valued at $2,968,000 after buying an additional 2,113 shares during the period. 92.30% of the stock is currently owned by hedge funds and other institutional investors.

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.