Squarespace (NYSE:SQSP) Stock Rating Lowered by Piper Sandler

Squarespace (NYSE:SQSP - Get Free Report) was downgraded by analysts at Piper Sandler from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday, Zacks.com reports.

Several other brokerages have also recently weighed in on SQSP. Mizuho raised shares of Squarespace from a "neutral" rating to a "buy" rating and boosted their price target for the company from $34.00 to $50.00 in a research report on Friday, May 10th. JMP Securities reaffirmed a "market outperform" rating and set a $45.00 price target on shares of Squarespace in a research report on Tuesday, April 30th. Barclays upped their price objective on Squarespace from $40.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday. Robert W. Baird reissued a "neutral" rating and set a $44.00 target price (down previously from $45.00) on shares of Squarespace in a research note on Monday. Finally, Citigroup upped their price target on Squarespace from $40.00 to $42.00 and gave the company a "buy" rating in a research note on Thursday, February 29th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $42.08.

Squarespace Stock Down 0.1 %

Shares of Squarespace stock traded down $0.03 during mid-day trading on Monday, reaching $43.16. 4,060,773 shares of the stock traded hands, compared to its average volume of 937,511. The business has a 50-day moving average of $35.56 and a 200 day moving average of $32.39. The stock has a market capitalization of $5.89 billion, a PE ratio of -863.70, a PEG ratio of 4.96 and a beta of 0.52. Squarespace has a fifty-two week low of $26.70 and a fifty-two week high of $43.36.

Squarespace (NYSE:SQSP - Get Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 EPS 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. The business's revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) earnings per share. On average, equities research analysts expect that Squarespace will post 0.44 EPS for the current fiscal year.

Insider Activity at Squarespace

In other news, CEO Anthony Casalena sold 67,230 shares of the company's 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 sale, the chief executive officer now owns 3,388,279 shares of the company's stock, valued at $107,848,920.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jonathan D. Klein sold 100,000 shares of the business's stock in a transaction on Monday, May 13th. The shares were sold at an average price of $43.15, for a total transaction of $4,315,000.00. Following the completion of the transaction, the director now owns 504,133 shares in the company, valued at $21,753,338.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Anthony Casalena sold 67,230 shares of Squarespace stock in a transaction dated 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 sale, the chief executive officer now directly owns 3,388,279 shares of the company's stock, valued at $107,848,920.57. The disclosure for this sale can be found here. Over the last quarter, insiders sold 484,789 shares of company stock worth $17,903,473. Corporate insiders own 44.96% of the company's stock.

Institutional Investors Weigh In On Squarespace

A number of institutional investors and hedge funds have recently bought and sold shares of SQSP. Wellington Management Group LLP increased its stake in Squarespace by 18.1% in the fourth quarter. Wellington Management Group LLP now owns 8,284,051 shares of the company's stock valued at $273,457,000 after purchasing an additional 1,268,698 shares during the period. Vanguard Group Inc. grew its position in Squarespace by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 6,699,064 shares of the company's stock valued at $244,114,000 after buying an additional 354,057 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Squarespace by 24.0% in the first quarter. Acadian Asset Management LLC now owns 1,637,361 shares of the company's stock valued at $59,643,000 after acquiring an additional 317,416 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in Squarespace by 17.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 912,135 shares of the company's stock worth $26,425,000 after purchasing an additional 134,598 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Squarespace by 32.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,091 shares of the company's stock worth $15,183,000 after acquiring an additional 127,362 shares during the period. 92.30% of the stock is 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.