Squarespace (NYSE:SQSP) Reaches New 1-Year High – Time to Buy?

Squarespace, Inc. (NYSE:SQSP) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $46.54 and last traded at $46.51, with a volume of 720934 shares changing hands. The stock had previously closed at $46.44.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Barclays increased their target price on shares of Squarespace from $44.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 10th. UBS Group lifted their target price on Squarespace from $44.00 to $46.50 and gave the company a “neutral” rating in a research report on Tuesday, September 10th. Mizuho cut Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 price target for the company. in a research report on Monday, August 5th. Finally, William Blair reiterated a “market perform” rating on shares of Squarespace in a research note on Monday. Eleven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.14.

Squarespace Trading Down 0.2 %

The company has a market cap of $6.40 billion, a price-to-earnings ratio of -931.40, a PEG ratio of 8.32 and a beta of 0.62. The business’s 50 day moving average price is $45.71 and its 200-day moving average price is $42.81.

Squarespace (NYSE:SQSP) last released its quarterly 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 company had revenue of $296.80 million during the quarter, compared to analyst estimates of $293.12 million. Squarespace’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. Equities research analysts forecast that Squarespace, Inc. will post 0.28 EPS for the current fiscal year.

Insider Transactions at Squarespace

In other news, insider Paul Gubbay sold 2,500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $44.12, for a total transaction of $110,300.00. Following the completion of the sale, the insider now directly owns 37,486 shares in the company, valued at approximately $1,653,882.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Anthony Casalena sold 68,659 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $44.18, for a total value of $3,033,354.62. Following the transaction, the chief executive officer now directly owns 1,698,304 shares of the company’s stock, valued at $75,031,070.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Gubbay sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $44.12, for a total value of $110,300.00. Following the completion of the transaction, the insider now directly owns 37,486 shares in the company, valued at approximately $1,653,882.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 538,718 shares of company stock valued at $24,792,057. 44.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning grew its stake in Squarespace by 108.2% in the third quarter. Creative Planning now owns 10,637 shares of the company’s stock valued at $494,000 after acquiring an additional 5,528 shares during the period. Simplicity Wealth LLC acquired a new stake in Squarespace in the 3rd quarter valued at $356,000. CWM LLC increased its stake in Squarespace by 61.4% during the 3rd quarter. CWM LLC now owns 3,253 shares of the company’s stock valued at $151,000 after purchasing an additional 1,237 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Squarespace by 3.6% during the third quarter. Handelsbanken Fonder AB now owns 17,200 shares of the company’s stock worth $799,000 after buying an additional 600 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Squarespace by 551.5% in the third quarter. SG Americas Securities LLC now owns 23,220 shares of the company’s stock valued at $1,078,000 after buying an additional 19,656 shares in the last quarter. 92.30% of the stock is owned by 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.