Zacks Investment Research Downgrades Squarespace (NYSE:SQSP) to Sell

Zacks Investment Research lowered shares of Squarespace (NYSE:SQSPGet Rating) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Squarespace Inc. provides an all-in-one website building and ecommerce platform. It operates principally in Dublin, Ireland, Portland, Oregon and Los Angeles, California. Squarespace Inc. is headquartered in New York City. “

SQSP has been the topic of a number of other reports. KeyCorp reduced their target price on shares of Squarespace from $35.00 to $30.00 and set an overweight rating on the stock in a report on Tuesday, March 8th. Truist Financial reduced their price objective on shares of Squarespace from $55.00 to $40.00 and set a buy rating on the stock in a research note on Tuesday, March 8th. Citigroup began coverage on shares of Squarespace in a research note on Tuesday, April 19th. They issued a neutral rating and a $25.00 price objective on the stock. Barclays reduced their price objective on shares of Squarespace from $40.00 to $29.00 and set an equal weight rating on the stock in a research note on Tuesday, March 8th. Finally, Raymond James reduced their price objective on shares of Squarespace from $55.00 to $30.00 and set an outperform rating on the stock in a research note on Tuesday, March 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Squarespace currently has a consensus rating of Buy and a consensus price target of $43.39.

SQSP opened at $22.91 on Tuesday. Squarespace has a fifty-two week low of $14.43 and a fifty-two week high of $64.71. The company’s 50 day moving average price is $23.88 and its two-hundred day moving average price is $29.46.

In other Squarespace news, General Counsel Courtenay O’connor sold 6,557 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $26.89, for a total transaction of $176,317.73. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Man Group plc grew its position in Squarespace by 133.7% during the third quarter. Man Group plc now owns 52,615 shares of the company’s stock valued at $2,033,000 after buying an additional 30,097 shares during the period. Compagnie Lombard Odier SCmA grew its position in Squarespace by 100.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 2,000 shares of the company’s stock valued at $59,000 after buying an additional 1,000 shares during the period. Noked Israel Ltd grew its position in Squarespace by 34.6% during the third quarter. Noked Israel Ltd now owns 703,297 shares of the company’s stock valued at $27,175,000 after buying an additional 180,944 shares during the period. Point72 Asset Management L.P. bought a new position in Squarespace during the third quarter valued at about $3,639,000. Finally, HighTower Advisors LLC bought a new position in Squarespace during the third quarter valued at about $23,927,000. Hedge funds and other institutional investors own 37.53% of the company’s stock.

Squarespace Company Profile (Get Rating)

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, and scheduling, as well as tools for managing a social media presence.

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Analyst Recommendations for Squarespace (NYSE:SQSP)

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