Similarweb (NYSE:SMWB) Sets New 12-Month High – Here’s Why

Similarweb Ltd. (NYSE:SMWB) shares reached a new 52-week high on Wednesday . The stock traded as high as $17.50 and last traded at $17.32, with a volume of 617728 shares. The stock had previously closed at $16.68.

Analyst Ratings Changes

A number of research firms recently weighed in on SMWB. The Goldman Sachs Group began coverage on shares of Similarweb in a report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 target price on the stock. Citigroup raised their target price on Similarweb from $10.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. William Blair reiterated an “outperform” rating on shares of Similarweb in a research note on Thursday, December 19th. Jefferies Financial Group upped their price target on Similarweb from $13.00 to $23.00 and gave the company a “buy” rating in a research report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Similarweb in a research report on Thursday, January 16th. Nine 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.com, Similarweb has an average rating of “Buy” and a consensus target price of $15.50.

Similarweb Price Performance

The stock has a 50-day moving average of $14.67 and a 200-day moving average of $10.93.

Similarweb (NYSE:SMWB) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.07). The company had revenue of $64.71 million during the quarter, compared to analysts’ expectations of $62.90 million. Similarweb had a negative return on equity of 44.83% and a negative net margin of 3.92%. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, analysts expect that Similarweb Ltd. will post -0.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Similarweb

Hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC purchased a new position in shares of Similarweb during the fourth quarter worth approximately $26,059,000. Victory Capital Management Inc. purchased a new stake in Similarweb in the fourth quarter worth $6,090,000. P.A.W. Capital Corp purchased a new stake in shares of Similarweb in the 3rd quarter worth about $3,536,000. Scalar Gauge Management LLC lifted its holdings in Similarweb by 45.5% in the third quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock worth $7,637,000 after buying an additional 270,000 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted 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 valued at $3,977,000 after purchasing an additional 238,428 shares in the last quarter. 57.59% of the stock is currently owned by hedge funds and other institutional investors.

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.