Similarweb (NYSE:SMWB) Hits New 1-Year High on Analyst Upgrade

Shares of Similarweb Ltd. (NYSE:SMWB) 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 traded. The stock had previously closed at $17.08.

Several other research analysts have also recently issued reports on SMWB. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Similarweb in a research report on Thursday, January 16th. 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 price target for the company. William Blair reissued an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. Northland Securities upped their target price on shares of Similarweb from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Finally, Jefferies Financial Group lifted their price target on shares of Similarweb from $13.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $16.50.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SMWB. Jennison Associates LLC acquired a new stake in Similarweb during the 4th quarter valued at $26,059,000. Victory Capital Management Inc. purchased a new stake in shares of Similarweb in the fourth quarter valued at $6,090,000. P.A.W. Capital Corp acquired a new stake in shares of Similarweb during the third quarter valued at $3,536,000. Telemark Asset Management LLC purchased a new stake in Similarweb during the 4th quarter worth about $4,251,000. Finally, Scalar Gauge Management LLC raised its stake in Similarweb by 45.5% in the 3rd quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock valued at $7,637,000 after purchasing an additional 270,000 shares during the last quarter. 57.59% of the stock is owned by hedge funds and other institutional investors.

Similarweb Stock Performance

The company has a market capitalization of $961.33 million, a PE ratio of -108.00 and a beta of 0.99. The stock’s fifty day simple moving average is $14.92 and its 200-day simple moving average is $11.21.

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