Wellington Management Co. LLP recently announced the acquisition of new stake in Squarespace Inc (NYSE:SQSP). The institutional investor has increased its shareholding in the Technology company by 124.76% to 7.02 million shares with purchase of 3.89 million shares. This fresh investment now brings its stake to 7.96% valued currently at $231.58 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.97 million to 5.77 million shares. And BlackRock Fund Advisors has lifted its position by 7.91% or 0.22 million shares – to 3.0 million shares.
With over 0.5 million Squarespace Inc (SQSP) shares trading Friday and a closing price of $31.87 on the day, the dollar volume was approximately $15.82 million. The shares have shown a negative half year performance of -0.99% and its price on 01/12/24 lost nearly -0.13%. Currently, there are 87.75M common shares owned by the public and among those 57.86M shares have been available to trade.
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Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 151,443 shares. Insider sales of the common stock occurred on 49 occasions, with total insider shares sold totaling 24,612,753 shares.
The top 3 mutual fund holders in Squarespace Inc are Vanguard Explorer Fund, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Vanguard Explorer Fund owns 2.23 million shares of the company’s stock, all valued at over $73.57 million. The company bought an additional 2.19 million shares recently to bring their total holdings to about 2.53% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.15 million shares to see its total holdings expand to 1.8 million shares valued at over $59.29 million and representing 2.04% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.1 million shares to bring its total holdings to over 1.48 million shares at a value of $48.97 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.68% of the shares outstanding.
Shares of Squarespace Inc (NYSE: SQSP) opened at $32.34, up $0.43 from a prior closing price of $31.91. However, the script later moved the day high at 32.49, down -0.13%. The company’s stock has a 5-day price change of 3.21% and 7.05% over the past three months. SQSP shares are trading -3.45% year to date (YTD), with the 12-month market performance up to 43.95% higher. It has a 12-month low price of $20.51 and touched a high of $34.38 over the same period. SQSP has an average intraday trading volume of 683.15K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.92%, 7.78%, and 5.80% respectively.
Institutional ownership of Squarespace Inc (NYSE: SQSP) shares accounts for 31.22% of the company’s 87.75M shares outstanding. Mutual fund holders own 26.70%, while other institutional holders and individual stakeholders account for 43.90% and 21.68% respectively.
It has a market capitalization of $4.33B and a beta (3y monthly) value of 0.46. The earnings-per-share (ttm) stands at -$1.81. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.44% over the week and 2.83% over the month.
Analysts forecast that Squarespace Inc (SQSP) will achieve an EPS of $0.15 for the current quarter, -$0.01 for the next quarter and $0.43 for 2024. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.36. Comparatively, EPS for the current quarter was -$1.72 a year ago. Earnings per share for the fiscal year are expected to increase by 39.65%, and 16.27% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Squarespace Inc (SQSP) as a “Moderate Buy” at a consensus score of 2.18. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 10 of the 17 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SQSP, a number of firms have released research notes about the stock. Seaport Research Partners stated their Buy rating for the stock in a research note on October 24, 2023, with the firm’s price target at $35.
