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

Similarweb Ltd. (NYSE:SMWB) hit 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. The stock had previously closed at $16.05.

SMWB has been the subject of several other reports. JMP Securities reiterated a “market outperform” rating and issued a $17.00 target price on shares of Similarweb in a research report on Wednesday, December 11th. The Goldman Sachs Group assumed coverage on Similarweb in a report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 price objective for the company. Citigroup boosted their target price on Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Similarweb in a research report on Thursday, January 16th. Finally, William Blair restated an “outperform” rating on shares of Similarweb in a research report on Thursday, December 19th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $13.88.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Scalar Gauge Management LLC lifted its position in Similarweb by 45.5% in the third quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock valued at $7,637,000 after acquiring an additional 270,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Similarweb by 112.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after acquiring an additional 238,428 shares during the period. P.A.W. Capital Corp acquired a new stake in shares of Similarweb during the third quarter worth $3,536,000. Walleye Capital LLC grew its holdings in Similarweb by 115.9% in the 3rd quarter. Walleye Capital LLC now owns 354,653 shares of the company’s stock valued at $3,135,000 after buying an additional 190,380 shares during the period. Finally, State Street Corp increased its stake in shares of Similarweb by 32.5% during the 3rd quarter. State Street Corp now owns 187,919 shares of the company’s stock valued at $1,661,000 after acquiring an additional 46,102 shares during the last quarter. Hedge funds and other institutional investors own 57.59% of the company’s stock.

Similarweb Stock Performance

The firm has a market capitalization of $1.33 billion, a PE ratio of -150.68 and a beta of 0.97. The company’s fifty day moving average price is $13.78 and its two-hundred day moving average price is $10.25.

Similarweb (NYSE:SMWB) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.07). The firm 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 period last year, the firm posted ($0.05) EPS. On average, equities analysts expect that Similarweb Ltd. will post -0.05 earnings per share 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.