Squarespace, Inc. to Post Q3 2023 Earnings of $0.10 Per Share, B. Riley Forecasts (NYSE:SQSP)

Posted by Defense World Staff on Aug 15th, 2023

Squarespace, Inc. (NYSE:SQSP – Free Report) – Research analysts at B. Riley reduced their Q3 2023 earnings per share estimates for shares of Squarespace in a report released on Wednesday, August 9th. B. Riley analyst N. Khan now anticipates that the company will post earnings per share of $0.10 for the quarter, down from their prior forecast of $0.11. B. Riley currently has a “Buy” rating and a $40.00 target price on the stock. The consensus estimate for Squarespace’s current full-year earnings is $0.32 per share. B. Riley also issued estimates for Squarespace’s FY2024 earnings at $0.53 EPS and FY2025 earnings at $0.82 EPS.

A number of other equities analysts have also commented on the stock. DA Davidson assumed coverage on shares of Squarespace in a report on Wednesday, July 26th. They set a “buy” rating and a $40.00 price target on the stock. Citigroup upgraded Squarespace from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $40.00 in a report on Tuesday, April 25th. William Blair restated an “outperform” rating on shares of Squarespace in a report on Thursday, June 8th. Mizuho upped their price objective on Squarespace from $28.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, August 9th. Finally, The Goldman Sachs Group upped their price objective on Squarespace from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $34.08.

Read Our Latest Analysis on Squarespace

Squarespace Price Performance

Shares of NYSE SQSP opened at $30.98 on Monday. The company has a market capitalization of $4.19 billion, a P/E ratio of -19.12 and a beta of 0.40. Squarespace has a one year low of $16.86 and a one year high of $34.38. The business’s 50-day moving average price is $31.18 and its two-hundred day moving average price is $29.08.

Squarespace (NYSE:SQSP – Get Free Report) last released its earnings results on Tuesday, August 8th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.17). The company had revenue of $247.50 million for the quarter, compared to analyst estimates of $243.34 million. Squarespace had a negative return on equity of 2.24% and a negative net margin of 23.60%. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share.

Insider Buying and Selling

In other news, insider Paul Gubbay sold 10,124 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $30.21, for a total value of $305,846.04. Following the completion of the sale, the insider now directly owns 25,239 shares of the company’s stock, valued at approximately $762,470.19. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Paul Gubbay sold 10,124 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $30.21, for a total value of $305,846.04. Following the completion of the transaction, the insider now owns 25,239 shares of the company’s stock, valued at $762,470.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anthony Casalena sold 34,517 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $30.13, for a total value of $1,039,997.21. Following the completion of the sale, the chief executive officer now owns 4,895,658 shares of the company’s stock, valued at $147,506,175.54. The disclosure for this sale can be found here. Insiders have sold 286,312 shares of company stock valued at $9,029,230 in the last quarter. Company insiders own 47.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. raised its stake in shares of Squarespace by 93.2% during the 1st quarter. Advisor Group Holdings Inc. now owns 3,336 shares of the company’s stock worth $85,000 after purchasing an additional 1,609 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Squarespace by 317.0% in the 1st quarter. JPMorgan Chase & Co. now owns 56,433 shares of the company’s stock valued at $1,446,000 after purchasing an additional 42,900 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Squarespace during the first quarter valued at approximately $207,000. Bank of New York Mellon Corp lifted its stake in shares of Squarespace by 953.4% in the first quarter. Bank of New York Mellon Corp now owns 441,633 shares of the company’s stock worth $11,314,000 after buying an additional 399,710 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Squarespace by 44.8% during the 1st quarter. US Bancorp DE now owns 12,704 shares of the company’s stock valued at $326,000 after acquiring an additional 3,931 shares during the last quarter. Institutional investors own 40.38% of the company’s stock.

Squarespace Company Profile

(Get Free Report)

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.