Squarespace (NYSE:SQSP) Hits New 52-Week High at $46.37

Shares of Squarespace, Inc. (NYSE:SQSP) reached a new 52-week high on Tuesday . The stock traded as high as $46.37 and last traded at $46.36, with a volume of 597897 shares traded. The stock had previously closed at $46.30.

Analysts Set New Price Targets

Several research firms recently weighed in on SQSP. Barclays boosted their target price on Squarespace from $44.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 10th. UBS Group boosted their target price on Squarespace from $44.00 to $46.50 and gave the stock a “neutral” rating in a research note on Tuesday, September 10th. Mizuho cut Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 target price for the company. in a research note on Monday, August 5th. Finally, B. Riley cut 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. Ten research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $43.14.

Squarespace Price Performance

The company has a 50 day moving average price of $44.77 and a 200 day moving average price of $41.06. The firm has a market cap of $6.43 billion, a PE ratio of -928.50, a PEG ratio of 8.29 and a beta of 0.62.

Squarespace (NYSE:SQSP) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.07). The company had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $293.12 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. Squarespace’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, equities analysts anticipate that Squarespace, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Anthony Casalena sold 60,012 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $43.52, for a total transaction of $2,611,722.24. Following the transaction, the chief executive officer now owns 2,092,872 shares of the company’s stock, valued at $91,081,789.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Squarespace 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 value of $110,300.00. Following the sale, the insider now owns 37,486 shares of the company’s stock, valued at $1,653,882.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anthony Casalena sold 60,012 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $43.52, for a total value of $2,611,722.24. Following the completion of the sale, the chief executive officer now directly owns 2,092,872 shares in the company, valued at approximately $91,081,789.44. The disclosure for this sale can be found here. Insiders have sold 379,701 shares of company stock valued at $17,069,289 over the last quarter. Company insiders own 44.96% of the company’s stock.

Institutional Trading of Squarespace

Several institutional investors and hedge funds have recently made changes to their positions in SQSP. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Squarespace in the second quarter valued at $71,000. CWM LLC lifted its position in shares of Squarespace by 185.6% in the second quarter. CWM LLC now owns 2,016 shares of the company’s stock valued at $88,000 after acquiring an additional 1,310 shares in the last quarter. Quest Partners LLC lifted its position in shares of Squarespace by 1,828.9% in the second quarter. Quest Partners LLC now owns 2,739 shares of the company’s stock valued at $120,000 after acquiring an additional 2,597 shares in the last quarter. Sagefield Capital LP purchased a new stake in shares of Squarespace in the second quarter valued at $197,000. Finally, Ameritas Investment Partners Inc. lifted its position in shares of Squarespace by 8.4% in the first quarter. Ameritas Investment Partners Inc. now owns 5,666 shares of the company’s stock valued at $206,000 after acquiring an additional 437 shares in the last quarter. 92.30% of the stock is currently owned by hedge funds and other institutional investors.

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.