Similarweb (NYSE:SMWB) Shares Down 2.3% – Time to Sell?

Shares of Similarweb Ltd. (NYSE:SMWB) were down 2.3% during trading on Thursday . The company traded as low as $14.15 and last traded at $14.19. Approximately 66,890 shares were traded during trading, a decline of 73% from the average daily volume of 244,358 shares. The stock had previously closed at $14.53.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SMWB. Northland Capmk upgraded shares of Similarweb to a “strong-buy” rating in a research note on Tuesday, September 10th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Similarweb in a research report on Wednesday, December 11th. JMP Securities restated a “market outperform” rating and issued a $17.00 price target on shares of Similarweb in a research report on Wednesday, December 11th. The Goldman Sachs Group initiated coverage on Similarweb in a research report on Wednesday, December 11th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, Citigroup increased their target price on shares of Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $13.50.

Similarweb Price Performance

The firm has a 50-day moving average of $11.66 and a 200-day moving average of $9.28. The stock has a market cap of $1.16 billion, a PE ratio of -130.73 and a beta of 1.03.

Institutional Investors Weigh In On Similarweb

Institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC boosted its position in shares of Similarweb by 4.4% during the second quarter. Cubist Systematic Strategies LLC now owns 51,272 shares of the company’s stock worth $398,000 after acquiring an additional 2,138 shares during the last quarter. XTX Topco Ltd lifted its stake in Similarweb by 9.0% in the 3rd quarter. XTX Topco Ltd now owns 53,980 shares of the company’s stock worth $477,000 after purchasing an additional 4,453 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Similarweb by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 110,600 shares of the company’s stock valued at $859,000 after purchasing an additional 4,599 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its position in shares of Similarweb by 122.5% during the second quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock valued at $90,000 after purchasing an additional 6,376 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Similarweb during the third quarter valued at about $70,000. 57.59% of the stock is owned by hedge funds and other 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.