Squarespace (NYSE:SQSP) Stock Rating Reaffirmed by JMP Securities

JMP Securities reiterated their market outperform rating on shares of Squarespace (NYSE:SQSP - Free Report) in a research note published on Tuesday, Benzinga reports. JMP Securities currently has a $45.00 price target on the stock.

SQSP has been the subject of several other reports. Royal Bank of Canada upped their target price on Squarespace from $32.00 to $35.00 and gave the company a sector perform rating in a report on Thursday, February 29th. Citigroup raised their price target on shares of Squarespace from $40.00 to $42.00 and gave the stock a buy rating in a report on Thursday, February 29th. Robert W. Baird upgraded Squarespace from a neutral rating to an outperform rating and upped their price objective for the company from $30.00 to $39.00 in a report on Monday, March 4th. Barclays raised their target price on Squarespace from $34.00 to $37.00 and gave the stock an equal weight rating in a research note on Thursday, February 29th. Finally, Piper Sandler reiterated an overweight rating and set a $40.00 price target on shares of Squarespace in a report on Thursday, February 29th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Squarespace has a consensus rating of Moderate Buy and a consensus target price of $38.54.

Squarespace Stock Performance

Shares of NYSE SQSP traded down $0.72 during mid-day trading on Tuesday, reaching $34.84. The company's stock had a trading volume of 565,307 shares, compared to its average volume of 698,024. The stock has a market capitalization of $4.76 billion, a P/E ratio of -701.60, a P/E/G ratio of 3.51 and a beta of 0.51. Squarespace has a 1-year low of $25.59 and a 1-year high of $37.89. The stock has a 50-day moving average of $34.51 and a two-hundred day moving average of $31.77.

Squarespace (NYSE:SQSP - Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.12). The business had revenue of $270.72 million for the quarter, compared to analyst estimates of $263.41 million. Squarespace's quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. Analysts predict that Squarespace will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at Squarespace

In other Squarespace news, Director Jonathan D. Klein sold 47,247 shares of the firm's stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $37.65, for a total transaction of $1,778,849.55. Following the completion of the transaction, the director now owns 604,133 shares of the company's stock, valued at $22,745,607.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Jonathan D. Klein sold 47,247 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $37.65, for a total transaction of $1,778,849.55. Following the transaction, the director now directly owns 604,133 shares in the company, valued at approximately $22,745,607.45. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Anthony Casalena sold 26,800 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $31.90, for a total transaction of $854,920.00. Following the sale, the chief executive officer now directly owns 3,495,096 shares of the company's stock, valued at approximately $111,493,562.40. The disclosure for this sale can be found here. In the last three months, insiders sold 342,106 shares of company stock worth $11,865,704. 47.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Squarespace

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. raised its stake in Squarespace by 25.6% during the first quarter. Principal Financial Group Inc. now owns 39,361 shares of the company's stock valued at $1,434,000 after buying an additional 8,025 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Squarespace by 6.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 20,733 shares of the company's stock worth $756,000 after buying an additional 1,340 shares during the last quarter. Diversified Trust Co increased its stake in shares of Squarespace by 13.1% in the first quarter. Diversified Trust Co now owns 9,561 shares of the company's stock valued at $348,000 after purchasing an additional 1,111 shares during the period. Brooklyn FI LLC bought a new stake in Squarespace during the 1st quarter valued at $679,000. Finally, FCF Advisors LLC bought a new position in Squarespace in the 1st quarter valued at about $999,000. 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.