Glazer Capital LLC Purchases New Shares in Squarespace, Inc. (NYSE:SQSP)

Glazer Capital LLC purchased a new position in Squarespace, Inc. (NYSE:SQSP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,205,041 shares of the company’s stock, valued at approximately $96,206,000. Squarespace accounts for about 7.5% of Glazer Capital LLC’s investment portfolio, making the stock its largest position. Glazer Capital LLC owned 1.60% of Squarespace at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in Squarespace by 18.1% during the 4th quarter. Wellington Management Group LLP now owns 8,284,051 shares of the company’s stock valued at $273,457,000 after buying an additional 1,268,698 shares in the last quarter. Vanguard Group Inc. increased its holdings 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 valued at $244,114,000 after acquiring an additional 354,057 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Squarespace by 19.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,769,994 shares of the company’s stock worth $77,225,000 after purchasing an additional 292,600 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Squarespace by 24.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,637,361 shares of the company’s stock worth $59,643,000 after purchasing an additional 317,416 shares in the last quarter. Finally, Kodai Capital Management LP bought a new position in Squarespace in the 1st quarter worth about $36,938,000. Hedge funds and other institutional investors own 92.30% of the company’s stock.

Insider Transactions at Squarespace

In related news, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction on Friday, July 12th. The shares were sold at an average price of $43.72, for a total transaction of $109,300.00. Following the transaction, the insider now owns 39,986 shares in the company, valued at approximately $1,748,187.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Squarespace news, CEO Anthony Casalena sold 59,882 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $43.78, for a total transaction of $2,621,633.96. Following the completion of the sale, the chief executive officer now directly owns 1,975,618 shares of the company’s stock, valued at approximately $86,492,556.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Gubbay sold 2,500 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 39,986 shares in the company, valued at approximately $1,748,187.92. The disclosure for this sale can be found here. Insiders sold a total of 379,701 shares of company stock valued at $17,069,289 over the last three months. Corporate insiders own 44.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SQSP shares. 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. B. Riley cut shares of Squarespace from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Tuesday, June 11th. Mizuho downgraded shares of Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 price objective on the stock. in a research report on Monday, August 5th. Finally, UBS Group lifted their target price on shares of Squarespace from $44.00 to $46.50 and gave the stock a “neutral” rating in a research report on Tuesday, September 10th. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.14.

Squarespace Stock Performance

NYSE SQSP opened at $46.38 on Tuesday. The business’s fifty day moving average is $44.93 and its 200 day moving average is $41.43. The company has a market capitalization of $6.38 billion, a PE ratio of -927.50, a price-to-earnings-growth ratio of 8.29 and a beta of 0.62. Squarespace, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $46.48.

Squarespace (NYSE:SQSP) last posted 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 firm had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $293.12 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. On average, sell-side analysts forecast that Squarespace, Inc. will post 0.28 EPS for the current year.

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.