Similarweb (NYSE:SMWB) Shares Up 7% – Time to Buy?

Similarweb Ltd. (NYSE:SMWB) shares traded up 7% during trading on Monday . The company traded as high as $8.60 and last traded at $8.6350. Approximately 121,407 shares traded hands during trading, a decline of 86% from the average daily volume of 885,907 shares. The stock had previously closed at $8.07.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Citigroup raised their target price on Similarweb from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Similarweb in a report on Wednesday, August 12th. Barclays increased their price target on Similarweb from $5.00 to $11.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Northland Securities upgraded Similarweb from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $5.00 to $10.00 in a research note on Wednesday, August 12th. Finally, Oppenheimer lifted their price objective on shares of Similarweb from $7.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.14.

Similarweb Stock Performance

The company’s 50 day simple moving average is $7.81 and its 200 day simple moving average is $5.05. The stock has a market cap of $741.97 million, a PE ratio of -33.88 and a beta of 1.21.

Similarweb (NYSE:SMWB) last announced its earnings results on Wednesday, August 12th. The company reported $0.06 earnings per share for the quarter. The firm had revenue of $77.19 million for the quarter. Similarweb had a negative return on equity of 19.81% and a negative net margin of 7.37%.

Insiders Place Their Bets

In other Similarweb news, CEO Or Offer sold 574,605 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $8.80, for a total value of $5,056,524.00. Following the completion of the transaction, the chief executive officer owned 4,598,291 shares in the company, valued at $40,464,960.80. This represents a 11.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,384,615 shares of company stock valued at $12,083,031 over the last 90 days.

Institutional Investors Weigh In On Similarweb

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP grew its position in Similarweb by 22.2% during the second quarter. Wellington Management Group LLP now owns 3,624,685 shares of the company’s stock valued at $22,219,000 after buying an additional 657,928 shares during the period. S Squared Technology LLC boosted its stake in Similarweb by 12.9% in the fourth quarter. S Squared Technology LLC now owns 775,161 shares of the company’s stock valued at $5,806,000 after acquiring an additional 88,489 shares during the last quarter. Royce & Associates LP boosted its stake in Similarweb by 8.7% in the fourth quarter. Royce & Associates LP now owns 537,406 shares of the company’s stock valued at $4,025,000 after acquiring an additional 43,078 shares during the last quarter. UBS Group AG grew its position in shares of Similarweb by 71.4% during the 4th quarter. UBS Group AG now owns 536,549 shares of the company’s stock valued at $4,019,000 after acquiring an additional 223,562 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Similarweb by 104.6% during the 1st quarter. Renaissance Technologies LLC now owns 739,673 shares of the company’s stock valued at $1,931,000 after acquiring an additional 378,200 shares during the period. 57.59% of the stock is currently owned by institutional investors.

About Similarweb

Similarweb Ltd. is a digital intelligence company that provides data and analytics about online activity. Its platform helps organizations analyze website and mobile application performance, understand audience behavior, evaluate competitors, and identify trends across digital markets.

The company’s products support a range of business functions, including marketing, sales, market research, search engine optimization, investor research and business development. Similarweb combines data from multiple sources to provide insights into web traffic, mobile app usage, customer engagement, acquisition channels and industry positioning.

Founded in 2007, Similarweb serves businesses, agencies, financial institutions and other organizations in markets around the world.