Squarespace Inc. (NYSE: SQSP), a leading online website building and ecommerce platform, has seen UBS initiate its review of the company with a positive 'Buy' recommendation on Friday. This development comes as Squarespace's one-year price target averages at $35.02, indicating a potential upside of 27.35% from its most recent closing price of $27.50.
The range of forecasts for Squarespace extends from a conservative low of $25.25 to an optimistic high of $42.00. On the revenue front, the company is projected to witness an annual growth of 4.25%, reaching $971 million. The non-GAAP EPS for the year is forecasted at 0.28.
Institutional interest in Squarespace has been mounting, with 421 funds and institutions currently holding positions in the company, marking a nearly 12% increase in the last quarter. Despite a decrease by 14.34% in portfolio weight dedicated to Squarespace among these funds, standing at 0.17%, the total shares held by institutions have grown by 9.37% over the past three months to reach 62,869K shares.
Leading the institutional shareholders is General Atlantic, holding a significant stake with 22,361K shares or 16.45% ownership in Squarespace, with no change from last quarter. Wellington Management Group Llp owns 3,121K shares or 2.30% of the company, down by 1.54% from their previous filing due to a reduction in portfolio allocation by 6.70%. Riverbridge Partners holds 1.75% of Squarespace with an increase of 3.24% in their shareholding.
Other notable shareholders include the Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) with 1,381K shares or 1.02% of the company, and Millennium Management with 1,280K shares or 0.94% of the company. While VTSMX's holdings remained unchanged, Millennium Management increased its stake by 23.65% and its portfolio allocation by 11.81%.
The put/call ratio for Squarespace currently stands at 0.39, hinting at a bullish market sentiment.
Squarespace offers a suite of products that facilitate project and business management through websites, domains, ecommerce, marketing tools, and scheduling. It also provides tools for managing social media presence with Unfold and hospitality business management via Tock. The company operates in approximately 180 countries and is headquartered in New York City, with teams based in Dublin, Portland, and Los Angeles.
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