Similarweb (NYSE:SMWB) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Similarweb (NYSE:SMWB) had its price target raised by investment analysts at Needham & Company LLC from $11.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 25.90% from the stock’s current price.

SMWB has been the subject of a number of other reports. Northland Securities started coverage on shares of Similarweb in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Similarweb in a research note on Wednesday, August 7th. Northland Capmk raised Similarweb to a “strong-buy” rating in a research report on Tuesday, September 10th. JMP Securities raised their price target on shares of Similarweb from $14.00 to $16.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 21st. Finally, William Blair reaffirmed an “outperform” rating on shares of Similarweb in a report on Monday, September 9th. Eight investment 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, the company presently has an average rating of “Buy” and an average target price of $12.14.

Similarweb Trading Up 3.9 %

Shares of SMWB stock opened at $11.12 on Thursday. The firm has a fifty day simple moving average of $8.96 and a 200-day simple moving average of $8.09. The company has a market capitalization of $899.83 million, a PE ratio of -101.09 and a beta of 0.84. Similarweb has a twelve month low of $4.58 and a twelve month high of $11.27.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMWB. Scalar Gauge Management LLC boosted its position in Similarweb by 56.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock valued at $4,615,000 after purchasing an additional 215,221 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position 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 worth $3,977,000 after acquiring an additional 238,428 shares during the last quarter. Acadian Asset Management LLC grew its position in Similarweb by 60.8% in the 2nd quarter. Acadian Asset Management LLC now owns 442,917 shares of the company’s stock worth $3,427,000 after purchasing an additional 167,500 shares during the last quarter. P.A.W. Capital Corp bought a new stake in Similarweb during the 3rd quarter valued at $3,536,000. Finally, Russell Investments Group Ltd. acquired a new position in Similarweb during the 1st quarter worth $2,820,000. 57.59% of the stock is currently owned by institutional investors.

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.