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

Similarweb Ltd. (NYSE:SMWB) reached a new 52-week high on Friday after Northland Securities raised their price target on the stock from $17.00 to $20.00. Northland Securities currently has an outperform rating on the stock. Similarweb traded as high as $16.61 and last traded at $16.58, with a volume of 133801 shares traded. The stock had previously closed at $16.05.

Several other brokerages have also weighed in on SMWB. Citigroup increased their price objective on shares of Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research note on Thursday, December 19th. Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Similarweb in a research note on Thursday, January 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 target price on shares of Similarweb in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group started coverage on Similarweb in a research report on Wednesday, December 11th. They set a “buy” rating and a $16.00 price target for the company. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $13.88.

Institutional Investors Weigh In On Similarweb

Several institutional investors and hedge funds have recently modified their holdings of SMWB. Jennison Associates LLC acquired a new stake in Similarweb during the 4th quarter valued at $26,059,000. Scalar Gauge Management LLC boosted its position in Similarweb by 45.5% in the 3rd quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock valued at $7,637,000 after buying an additional 270,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Similarweb by 112.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock valued at $3,977,000 after acquiring an additional 238,428 shares in the last quarter. P.A.W. Capital Corp purchased a new stake in shares of Similarweb during the third quarter worth about $3,536,000. Finally, Walleye Capital LLC lifted its stake in shares of Similarweb by 115.9% in the third quarter. Walleye Capital LLC now owns 354,653 shares of the company’s stock worth $3,135,000 after acquiring an additional 190,380 shares in the last quarter. Hedge funds and other institutional investors own 57.59% of the company’s stock.

Similarweb Price Performance

The business has a fifty day moving average of $13.88 and a 200 day moving average of $10.32. The stock has a market cap of $1.35 billion, a PE ratio of -151.36 and a beta of 0.97.

Similarweb (NYSE:SMWB) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.07). The business had revenue of $64.71 million for the quarter, compared to analysts’ expectations of $62.90 million. Similarweb had a negative net margin of 3.92% and a negative return on equity of 44.83%. During the same quarter last year, the company posted ($0.05) earnings per share. On average, equities research analysts expect that Similarweb Ltd. will post -0.05 EPS for the current year.

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.