Insider Selling: Squarespace, Inc. (NYSE:SQSP) Director Sells 5,750,000 Shares of Stock

Squarespace, Inc. (NYSE:SQSP) Director Atlantic (Sqrs) Lp General sold 5,750,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $27.84, for a total value of $160,080,000.00. Following the transaction, the director now directly owns 16,627,824 shares of the company’s stock, valued at approximately $462,918,620.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Squarespace Stock Performance

Shares of Squarespace stock traded up $0.05 on Tuesday, hitting $29.18. The company had a trading volume of 486,530 shares, compared to its average volume of 689,277. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of -18.01 and a beta of 0.42. The stock has a 50 day moving average of $30.97 and a 200-day moving average of $30.26. Squarespace, Inc. has a 1 year low of $16.86 and a 1 year high of $34.38.

Squarespace (NYSE:SQSP) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.17). Squarespace had a negative net margin of 23.60% and a negative return on equity of 2.24%. The business had revenue of $247.50 million for the quarter, compared to analysts’ expectations of $243.34 million. During the same period in the previous year, the business posted $0.45 earnings per share. The business’s revenue was up 16.4% compared to the same quarter last year. Equities analysts anticipate that Squarespace, Inc. will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Squarespace

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Squarespace by 9.6% in the third quarter. Vanguard Group Inc. now owns 4,774,485 shares of the company’s stock worth $101,984,000 after acquiring an additional 419,488 shares during the period. BlackRock Inc. boosted its position in Squarespace by 38.7% during the 2nd quarter. BlackRock Inc. now owns 3,427,924 shares of the company’s stock valued at $108,117,000 after acquiring an additional 956,920 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Squarespace by 438.4% in the 1st quarter. Wellington Management Group LLP now owns 3,169,388 shares of the company’s stock worth $100,691,000 after purchasing an additional 2,580,712 shares in the last quarter. Riverbridge Partners LLC raised its holdings in Squarespace by 3.4% in the 2nd quarter. Riverbridge Partners LLC now owns 2,378,406 shares of the company’s stock worth $75,015,000 after acquiring an additional 77,177 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in Squarespace by 266.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,160,423 shares of the company’s stock worth $36,582,000 after acquiring an additional 843,404 shares during the last quarter. 43.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SQSP shares. William Blair reissued an “outperform” rating on shares of Squarespace in a research report on Thursday, June 8th. DA Davidson initiated coverage on Squarespace in a report on Wednesday, July 26th. They issued a “buy” rating and a $40.00 price target for the company. Mizuho upped their price target on Squarespace from $28.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. B. Riley initiated coverage on Squarespace in a research report on Wednesday, June 28th. They set a “buy” rating and a $40.00 price target on the stock. Finally, Piper Sandler increased their price objective on Squarespace from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, August 9th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Squarespace presently has an average rating of “Moderate Buy” and an average target price of $34.08.

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. Its suite of integrated products 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.