Similarweb (NYSE:SMWB) Hits New 52-Week High on Analyst Upgrade

Similarweb Ltd. (NYSE:SMWB)’s share price reached a new 52-week high during mid-day trading on Thursday after Citigroup raised their price target on the stock from $10.00 to $14.00. Citigroup currently has a buy rating on the stock. Similarweb traded as high as $11.60 and last traded at $11.54, with a volume of 52390 shares changing hands. The stock had previously closed at $11.12.

SMWB has been the subject of several other research reports. Barclays upped their price objective on Similarweb from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Similarweb in a research report on Wednesday, August 7th. Northland Securities initiated coverage on shares of Similarweb in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company. Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a research report on Tuesday, September 10th. Finally, William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Similarweb presently has an average rating of “Buy” and a consensus target price of $12.86.

Hedge Funds Weigh In On Similarweb

Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio bought a new position in Similarweb during the 3rd quarter valued at $70,000. Quantbot Technologies LP bought a new position in Similarweb during the 3rd quarter valued at $75,000. ANTIPODES PARTNERS Ltd lifted its stake in Similarweb by 122.5% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock valued at $90,000 after acquiring an additional 6,376 shares in the last quarter. State of New Jersey Common Pension Fund D bought a new stake in shares of Similarweb during the 3rd quarter worth $122,000. Finally, Barclays PLC raised its stake in shares of Similarweb by 201.0% during the 3rd quarter. Barclays PLC now owns 15,414 shares of the company’s stock worth $136,000 after purchasing an additional 10,293 shares during the period. 57.59% of the stock is currently owned by institutional investors.

Similarweb Stock Performance

The company has a market capitalization of $931.38 million, a P/E ratio of -104.64 and a beta of 0.84. The stock has a 50 day moving average price of $9.07 and a 200 day moving average price of $8.14.

About Similarweb

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.