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

Similarweb Ltd. (NYSE:SMWB)’s share price hit a new 52-week high during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $14.00 to $22.00. Citigroup currently has a buy rating on the stock. Similarweb traded as high as $17.64 and last traded at $17.05, with a volume of 529197 shares. The stock had previously closed at $17.08.

SMWB has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Similarweb in a report on Thursday, January 16th. The Goldman Sachs Group initiated coverage on Similarweb in a report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 price target for the company. Northland Securities raised their price objective on shares of Similarweb from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Jefferies Financial Group boosted their price objective on shares of Similarweb from $13.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, 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. Nine 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, the stock has a consensus rating of “Buy” and an average price target of $16.50.

Institutional Trading of Similarweb

Several institutional investors and hedge funds have recently bought and sold shares of SMWB. Connor Clark & Lunn Investment Management Ltd. grew its position in Similarweb by 112.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after purchasing an additional 238,428 shares during the last quarter. State Street Corp grew its holdings in shares of Similarweb by 32.5% during the third quarter. State Street Corp now owns 187,919 shares of the company’s stock worth $1,661,000 after buying an additional 46,102 shares during the last quarter. Y.D. More Investments Ltd grew its holdings in shares of Similarweb by 6.3% during the fourth quarter. Y.D. More Investments Ltd now owns 1,449,634 shares of the company’s stock worth $20,541,000 after buying an additional 86,500 shares during the last quarter. JPMorgan Chase & Co. increased its position in Similarweb by 147.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 171,539 shares of the company’s stock valued at $1,516,000 after acquiring an additional 102,192 shares during the period. Finally, Jennison Associates LLC purchased a new stake in Similarweb during the 4th quarter valued at approximately $26,059,000. Hedge funds and other institutional investors own 57.59% of the company’s stock.

Similarweb Stock Performance

The business has a 50-day simple moving average of $14.92 and a two-hundred day simple moving average of $11.21. The company has a market capitalization of $961.33 million, a price-to-earnings ratio of -108.00 and a beta of 0.99.

Similarweb (NYSE:SMWB) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). Similarweb had a negative return on equity of 44.83% and a negative net margin of 3.92%. Research analysts predict that Similarweb Ltd. will post -0.05 EPS for the current fiscal year.

Similarweb Company Profile

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.