Squarespace (NYSE:SQSP) Price Target Cut to $45.00

Squarespace (NYSE:SQSP) had its price target lowered by Piper Sandler from $52.00 to $45.00 in a research note published on Wednesday, The Fly reports. The firm currently has an overweight rating on the stock.

SQSP has been the topic of several other reports. JMP Securities decreased their price objective on shares of Squarespace from $64.00 to $58.00 and set a market outperform rating on the stock in a report on Tuesday, November 9th. Truist assumed coverage on Squarespace in a research note on Thursday, October 21st. They set a buy rating and a $50.00 price target on the stock. Zacks Investment Research cut Squarespace from a buy rating to a hold rating in a research note on Tuesday, November 16th. Royal Bank of Canada decreased their target price on Squarespace from $48.00 to $39.00 and set a sector perform rating on the stock in a research note on Friday, November 19th. Finally, Berenberg Bank assumed coverage on shares of Squarespace in a research note on Wednesday. They set a buy rating and a $42.00 price target on the stock. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Buy and an average price target of $59.94.

NYSE:SQSP opened at $29.55 on Wednesday. Squarespace has a 52 week low of $25.68 and a 52 week high of $64.71. The stock’s fifty day moving average is $33.68 and its two-hundred day moving average is $42.66.

Squarespace (NYSE:SQSP) last issued its quarterly earnings data on Monday, November 8th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $200.96 million during the quarter, compared to analysts’ expectations of $197.96 million. During the same period last year, the firm earned $0.12 earnings per share. The company’s revenue was up 23.8% on a year-over-year basis. On average, research analysts predict that Squarespace will post -3.19 EPS for the current fiscal year.

In related news, General Counsel Courtenay O’connor sold 4,375 shares of the stock in a transaction dated Monday, November 22nd. The shares were sold at an average price of $34.26, for a total value of $149,887.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Several institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund acquired a new stake in Squarespace during the 2nd quarter valued at $1,064,000. Sei Investments Co. purchased a new stake in shares of Squarespace in the second quarter valued at $1,055,000. Nicholas Investment Partners LP acquired a new stake in shares of Squarespace during the second quarter valued at $9,922,000. Deutsche Bank AG acquired a new stake in shares of Squarespace during the second quarter valued at $787,000. Finally, Bank of New York Mellon Corp purchased a new stake in Squarespace during the 2nd quarter worth about $2,490,000. Hedge funds and other institutional investors own 37.88% of the company’s stock.

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. The company offers websites, domains, e-commerce, tools for managing a social media presence, marketing tools, and scheduling capabilities.

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