Why Squarespace (SQSP) Shares Are Climbing Friday
Portfolio Pulse from Erica Kollmann
Squarespace (SQSP) shares are trading higher after announcing an agreement to acquire assets from Alphabet's (GOOGL) Google Domains business. The deal includes approximately 10 million hosted domains and is expected to close in Q3 2023, with benefits realized in 2024 and beyond.
June 16, 2023 | 6:03 pm
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NEUTRAL IMPACT
Alphabet's Google Domains business is selling assets to Squarespace, but the impact on Alphabet's stock price is likely to be minimal.
While Alphabet is selling assets from its Google Domains business to Squarespace, the overall impact on Alphabet's stock price is expected to be minimal. This is because the deal is relatively small compared to Alphabet's overall business and is not expected to significantly affect its financial performance.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 50
POSITIVE IMPACT
Squarespace shares are up after announcing a deal to acquire assets from Google Domains. Analysts maintain Hold and Overweight ratings with price targets of $28 and $35.
Squarespace's acquisition of assets from Google Domains is a positive development for the company, as it expands its offerings and customer base. This news has led to an increase in SQSP's stock price and is likely to have a short-term positive impact. Analysts' ratings and price targets also support this outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100