New York-based hedge fund Versor Investments sees potential growth and profitability in Squarespace, having recently taken a sizable position in the online website building platform, according to a report by BestStocks.
The fund reportedly purchased 28,413 shares of the company’s stock in the fourth quarter, value of approximately $630,000 at the time of purchase signalling their confidence in the company’s future.
Overall, Versor Investments’ acquisition has set tongues wagging within both the financial community as well as other investors who are keeping a keen eye on Squarespace’s stock performance, BestStocks noted.
Several equities research analysts have issued reports on Squarespace’s stock performance in recent weeks.
Mizuho raised its target price on shares from $20.00 to $26.00 while maintaining a “neutral” rating on the stock. The Goldman Sachs Group also raised their target price on shares from $22.00 to $27.00 while maintaining its “neutral” rating.
Analyst consensus among these reports indicates that share prices will likely remain stable with modest growth predicted over time, with ten analysts giving it a hold rating (suggesting that current shareholders should hold onto their stocks) and five analysts recommending buying new stocks (as buy ratings indicate investors can benefit from short-term or long-term profits).