Cornercap Investment Counsel Inc. Purchases New Shares in Squarespace, Inc. (NYSE:SQSP)

Cornercap Investment Counsel Inc. purchased a new stake in Squarespace, Inc. (NYSE:SQSP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 21,028 shares of the company’s stock, valued at approximately $694,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP boosted its position in Squarespace by 124.8% during the 3rd quarter. Wellington Management Group LLP now owns 7,015,353 shares of the company’s stock worth $203,235,000 after acquiring an additional 3,894,084 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Squarespace by 20.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,865,295 shares of the company’s stock valued at $169,918,000 after buying an additional 994,880 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of 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 buying an additional 956,920 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Squarespace by 2.7% during the 3rd quarter. Acadian Asset Management LLC now owns 1,191,871 shares of the company’s stock valued at $34,508,000 after buying an additional 31,448 shares during the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Squarespace during the 1st quarter valued at about $27,254,000. Institutional investors and hedge funds own 92.30% of the company’s stock.

Squarespace Trading Down 3.7 %

SQSP opened at $35.22 on Tuesday. The stock has a market cap of $4.81 billion, a PE ratio of -704.40, a P/E/G ratio of 3.61 and a beta of 0.51. Squarespace, Inc. has a 1 year low of $25.59 and a 1 year high of $37.89. The stock’s 50 day simple moving average is $33.86 and its 200-day simple moving average is $31.35.

Squarespace (NYSE:SQSP) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.12). The firm had revenue of $270.72 million during the quarter, compared to analyst estimates of $263.41 million. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) EPS. Equities analysts forecast that Squarespace, Inc. will post 0.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SQSP has been the subject of several research reports. Royal Bank of Canada lifted their price target on Squarespace from $32.00 to $35.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. Raymond James assumed coverage on Squarespace in a research note on Wednesday, March 27th. They issued an “outperform” rating and a $40.00 price objective on the stock. Barclays raised their price objective on Squarespace from $34.00 to $37.00 and gave the company an “equal weight” rating in a research note on Thursday, February 29th. JMP Securities raised their price objective on Squarespace from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, March 18th. Finally, B. Riley raised their price objective on Squarespace from $41.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.54.

Insider Activity at Squarespace

In related news, CEO Anthony Casalena sold 66,420 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $32.36, for a total value of $2,149,351.20. Following the sale, the chief executive officer now owns 3,521,896 shares of the company’s stock, valued at approximately $113,968,554.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Squarespace news, CEO Anthony Casalena sold 66,420 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $32.36, for a total value of $2,149,351.20. Following the transaction, the chief executive officer now owns 3,521,896 shares of the company’s stock, valued at $113,968,554.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Nathan Gooden sold 5,129 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $31.85, for a total value of $163,358.65. Following the completion of the transaction, the chief financial officer now directly owns 66,503 shares in the company, valued at approximately $2,118,120.55. The disclosure for this sale can be found here. Insiders have sold a total of 353,143 shares of company stock valued at $11,870,412 in the last 90 days. 47.14% of the stock is owned by corporate insiders.

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.