Oppenheimer Asset Management Inc. Lowers Stock Holdings in Squarespace, Inc. (NYSE:SQSP)

Oppenheimer Asset Management Inc. cut its stake in shares of Squarespace, Inc. (NYSE:SQSP) by 27.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,588 shares of the company’s stock after selling 15,508 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Squarespace were worth $1,814,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in shares of Squarespace by 18.1% in the 4th quarter. Wellington Management Group LLP now owns 8,284,051 shares of the company’s stock worth $273,457,000 after acquiring an additional 1,268,698 shares during the period. Vanguard Group Inc. lifted its position in Squarespace by 5.6% in the first quarter. Vanguard Group Inc. now owns 6,699,064 shares of the company’s stock valued at $244,114,000 after purchasing an additional 354,057 shares during the period. Acadian Asset Management LLC boosted its holdings in Squarespace by 24.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,637,361 shares of the company’s stock valued at $59,643,000 after purchasing an additional 317,416 shares in the last quarter. Kodai Capital Management LP acquired a new position in Squarespace during the 1st quarter worth approximately $36,938,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Squarespace by 1.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 953,961 shares of the company’s stock worth $34,762,000 after buying an additional 12,990 shares in the last quarter. 92.30% of the stock is owned by institutional investors and hedge funds.

Squarespace Stock Performance

SQSP stock opened at $46.43 on Thursday. The stock’s 50 day moving average price is $44.77 and its 200 day moving average price is $41.06. The firm has a market cap of $6.43 billion, a P/E ratio of -928.50, a PEG ratio of 8.29 and a beta of 0.62. Squarespace, Inc. has a 1 year low of $26.70 and a 1 year high of $46.48.

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

Insiders Place Their Bets

In other news, insider Paul Gubbay sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $43.72, for a total value of $109,300.00. Following the completion of the transaction, the insider now owns 39,986 shares of the company’s stock, valued at $1,748,187.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction on Friday, July 12th. The stock was sold at an average price of $43.72, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Anthony Casalena sold 59,882 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $43.78, for a total value of $2,621,633.96. Following the completion of the transaction, the chief executive officer now owns 1,975,618 shares of the company’s stock, valued at $86,492,556.04. The disclosure for this sale can be found here. Insiders have sold 379,701 shares of company stock valued at $17,069,289 in the last ninety days. Insiders own 44.96% of the company’s stock.

Wall Street Analyst Weigh In

SQSP has been the topic of a number of analyst reports. Barclays lifted their price target on Squarespace from $44.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 10th. Mizuho cut shares of Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 price target on the stock. in a research note on Monday, August 5th. UBS Group raised their price objective on shares of Squarespace from $44.00 to $46.50 and gave the company a “neutral” rating in a research note on Tuesday, September 10th. Finally, B. Riley lowered shares of Squarespace from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Tuesday, June 11th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Squarespace currently has a consensus rating of “Hold” and a consensus price target of $43.14.

Squarespace 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.