Squarespace, Inc. (NYSE:SQSP) Receives Consensus Recommendation of "Hold" from Analysts

Squarespace, Inc. (NYSE:SQSP - Get Rating) has earned an average recommendation of "Hold" from the fourteen brokerages that are presently covering the firm, Marketbeat.com reports. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $26.55.

A number of brokerages have recently weighed in on SQSP. Citigroup initiated coverage on shares of Squarespace in a research note on Tuesday, December 13th. They set a "neutral" rating and a $21.00 price objective for the company. Piper Sandler upgraded shares of Squarespace from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $22.00 to $30.00 in a research report on Monday, November 21st. Credit Suisse Group decreased their target price on shares of Squarespace from $25.00 to $24.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 9th. Finally, KeyCorp decreased their target price on shares of Squarespace from $25.00 to $22.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 9th.

Insider Buying and Selling

In related news, major shareholder Ventures Growth I. Parall Index sold 40,609 shares of Squarespace stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $22.54, for a total transaction of $915,326.86. Following the sale, the insider now owns 411,759 shares of the company's stock, valued at approximately $9,281,047.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 45.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Squarespace

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Squarespace by 56.3% in the 1st quarter. Vanguard Group Inc. now owns 3,645,279 shares of the company's stock valued at $93,392,000 after buying an additional 1,313,755 shares during the period. First Trust Advisors LP acquired a new position in shares of Squarespace in the 3rd quarter valued at about $23,478,000. State Street Corp boosted its holdings in shares of Squarespace by 390.4% in the 2nd quarter. State Street Corp now owns 579,029 shares of the company's stock valued at $12,113,000 after buying an additional 460,967 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Squarespace by 953.4% in the 1st quarter. Bank of New York Mellon Corp now owns 441,633 shares of the company's stock valued at $11,314,000 after buying an additional 399,710 shares during the period. Finally, Noked Israel Ltd boosted its holdings in shares of Squarespace by 155.1% in the 3rd quarter. Noked Israel Ltd now owns 518,830 shares of the company's stock valued at $11,082,000 after buying an additional 315,450 shares during the period. Institutional investors own 40.90% of the company's stock.

Squarespace Stock Down 1.2 %

Shares of Squarespace stock opened at $20.68 on Thursday. Squarespace has a 12-month low of $14.43 and a 12-month high of $34.97. The company has a 50-day moving average of $20.89 and a two-hundred day moving average of $21.36.

Squarespace (NYSE:SQSP - Get Rating) last issued its quarterly earnings data on Tuesday, November 8th. The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.04. The business had revenue of $217.70 million for the quarter, compared to analysts' expectations of $215.91 million. As a group, equities research analysts forecast that Squarespace will post -0.07 earnings per share for the current year.

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. Its suite of integrated products enables users to manage their projects and businesses through websites, domains, e-commerce, marketing tools, and scheduling, as well as tools for managing a social media presence.

Further Reading

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