Algert Global LLC Sells 32,727 Shares of Squarespace, Inc. (NYSE:SQSP)

Algert Global LLC cut its holdings in Squarespace, Inc. (NYSE:SQSP) by 48.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,353 shares of the company’s stock after selling 32,727 shares during the period. Algert Global LLC’s holdings in Squarespace were worth $1,499,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SQSP. Point72 Asia Singapore Pte. Ltd. acquired a new position in Squarespace during the second quarter worth $71,000. CWM LLC lifted its position in Squarespace by 185.6% during the second quarter. CWM LLC now owns 2,016 shares of the company’s stock worth $88,000 after purchasing an additional 1,310 shares during the period. Quest Partners LLC lifted its holdings in shares of Squarespace by 1,828.9% in the second quarter. Quest Partners LLC now owns 2,739 shares of the company’s stock worth $120,000 after acquiring an additional 2,597 shares during the last quarter. Sagefield Capital LP bought a new position in shares of Squarespace in the second quarter worth about $197,000. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Squarespace by 8.4% in the first quarter. Ameritas Investment Partners Inc. now owns 5,666 shares of the company’s stock valued at $206,000 after buying an additional 437 shares during the period. 92.30% of the stock is currently owned by institutional investors and hedge funds.

Squarespace Price Performance

Shares of NYSE:SQSP opened at $46.48 on Friday. The company has a market cap of $6.39 billion, a P/E ratio of -929.60, a PEG ratio of 8.30 and a beta of 0.62. Squarespace, Inc. has a 1 year low of $26.70 and a 1 year high of $46.49. The stock’s fifty day moving average price is $45.28 and its 200-day moving average price is $42.07.

Squarespace (NYSE:SQSP) last posted its quarterly earnings results on Friday, August 2nd. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.07). The business had revenue of $296.80 million during the quarter, compared to analyst estimates of $293.12 million. During the same period last year, the firm earned $0.03 EPS. Squarespace’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Squarespace, Inc. will post 0.28 earnings per share for the current year.

Analysts Set New Price Targets

SQSP has been the subject of a number of recent analyst reports. UBS Group increased their target price on shares of Squarespace from $44.00 to $46.50 and gave the company a “neutral” rating in a research report on Tuesday, September 10th. Mizuho cut Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 price objective on the stock. in a research note on Monday, August 5th. Barclays raised their target price on Squarespace from $44.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 10th. Finally, B. Riley lowered Squarespace from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a report on Tuesday, June 11th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Squarespace has a consensus rating of “Hold” and an average target price of $43.14.

Insider Activity at Squarespace

In other news, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $43.72, for a total transaction of $109,300.00. Following the completion of the sale, the insider now owns 39,986 shares of the company’s stock, valued at $1,748,187.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Squarespace news, CEO Anthony Casalena sold 68,659 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $44.18, for a total transaction of $3,033,354.62. Following the transaction, the chief executive officer now owns 1,698,304 shares in the company, valued at approximately $75,031,070.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $43.72, for a total transaction of $109,300.00. Following the sale, the insider now owns 39,986 shares of the company’s stock, valued at $1,748,187.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 358,589 shares of company stock worth $16,263,305. Company insiders own 44.96% of the company’s stock.

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 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.