Squarespace (NYSE:SQSP) Sees Large Volume Increase

Squarespace, Inc. (NYSE:SQSP) shares saw an uptick in trading volume on Wednesday . 478,701 shares changed hands during mid-day trading, a decline of 52% from the previous session’s volume of 989,812 shares.The stock last traded at $46.38 and had previously closed at $46.40.

Wall Street Analysts Forecast Growth

SQSP has been the topic of several research analyst reports. UBS Group raised their target price on shares of Squarespace from $44.00 to $46.50 and gave the stock a “neutral” rating in a report on Tuesday, September 10th. B. Riley downgraded Squarespace from a “buy” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Tuesday, June 11th. Barclays raised their price target on shares of Squarespace from $44.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 10th. Finally, Mizuho downgraded shares of Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 target price for the company. in a report on Monday, August 5th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Squarespace has a consensus rating of “Hold” and a consensus target price of $43.14.

Squarespace Stock Down 0.1 %

The stock has a fifty day simple moving average of $44.71 and a 200 day simple moving average of $41.02. The firm has a market capitalization of $6.42 billion, a P/E ratio of -928.00, a PEG ratio of 8.29 and a beta of 0.62.

Squarespace (NYSE:SQSP) last announced its earnings results on Friday, August 2nd. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates 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. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. Research analysts anticipate that Squarespace, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Transactions at Squarespace

In other news, CEO Anthony Casalena sold 68,659 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,698,304 shares in the company, valued at $75,031,070.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Anthony Casalena sold 68,659 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $44.18, for a total transaction of $3,033,354.62. Following the completion of the sale, the chief executive officer now owns 1,698,304 shares in the company, valued at approximately $75,031,070.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Gubbay sold 2,500 shares of the 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 transaction, the insider now directly owns 39,986 shares of the company’s stock, valued at approximately $1,748,187.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 234,519 shares of company stock worth $10,343,007. Company insiders own 44.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SQSP. Wellington Management Group LLP grew its stake in Squarespace by 18.1% in the 4th quarter. Wellington Management Group LLP now owns 8,284,051 shares of the company’s stock worth $273,457,000 after acquiring an additional 1,268,698 shares during the period. Vanguard Group Inc. lifted its position in shares of Squarespace by 5.6% during the first quarter. Vanguard Group Inc. now owns 6,699,064 shares of the company’s stock worth $244,114,000 after purchasing an additional 354,057 shares in the last quarter. Glazer Capital LLC acquired a new position in shares of Squarespace in the second quarter worth about $96,206,000. Renaissance Technologies LLC boosted its stake in shares of Squarespace by 19.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,769,994 shares of the company’s stock valued at $77,225,000 after buying an additional 292,600 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Squarespace by 24.0% during the 1st quarter. Acadian Asset Management LLC now owns 1,637,361 shares of the company’s stock worth $59,643,000 after acquiring an additional 317,416 shares in the last quarter. 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.