Similarweb (NYSE:SMWB) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Similarweb (NYSE:SMWB) in a report published on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $11.00 price target on the stock.

Several other brokerages have also recently commented on SMWB. Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a research report on Tuesday, September 10th. Barclays lifted their price objective on shares of Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Northland Securities assumed coverage on shares of Similarweb in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective for the company. Finally, JMP Securities lifted their price objective 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. Eight research 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 currently has an average rating of “Buy” and an average target price of $11.71.

Similarweb Stock Down 3.6 %

Shares of SMWB stock opened at $8.73 on Monday. Similarweb has a 52 week low of $4.58 and a 52 week high of $9.76. The stock has a market capitalization of $686.62 million, a PE ratio of -34.92 and a beta of 0.84. The firm has a 50 day moving average of $8.82 and a two-hundred day moving average of $7.93.

Similarweb (NYSE:SMWB) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.04. Similarweb had a negative net margin of 5.07% and a negative return on equity of 60.53%. The company had revenue of $60.64 million during the quarter, compared to analysts’ expectations of $60.23 million. Analysts expect that Similarweb will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Similarweb

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Inspire Investing LLC acquired a new stake in Similarweb during the 3rd quarter worth $886,000. Cubist Systematic Strategies LLC raised its stake in Similarweb by 4.4% during the 2nd 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 in the last quarter. Scalar Gauge Management LLC raised its stake in Similarweb by 56.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock worth $4,615,000 after acquiring an additional 215,221 shares in the last quarter. 272 Capital LP acquired a new position in Similarweb in the second quarter valued at $529,000. Finally, XTX Topco Ltd increased its stake in Similarweb by 63.9% in the second quarter. XTX Topco Ltd now owns 49,527 shares of the company’s stock valued at $385,000 after purchasing an additional 19,313 shares during the period. 57.59% of the stock is currently owned by institutional investors and hedge funds.

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.