Needham & Company LLC Reiterates “Hold” Rating for Semrush (NASDAQ:SEMR)

Semrush (NASDAQ:SEMR)‘s stock had its “hold” rating reissued by Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports.

A number of other brokerages have also issued reports on SEMR. Morgan Stanley set a $9.00 target price on Semrush and gave the company an “equal weight” rating in a research report on Tuesday, August 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Semrush in a research report on Wednesday. Finally, The Goldman Sachs Group dropped their target price on Semrush from $12.00 to $9.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Semrush currently has a consensus rating of “Hold” and an average price target of $12.00.

Semrush Stock Performance

Shares of NASDAQ SEMR traded up $0.02 during midday trading on Wednesday, reaching $11.78. 729,192 shares of the stock were exchanged, compared to its average volume of 1,156,950. The stock has a market capitalization of $1.75 billion, a P/E ratio of 147.21 and a beta of 1.60. The company has a 50 day simple moving average of $7.43 and a 200 day simple moving average of $8.46. Semrush has a twelve month low of $6.56 and a twelve month high of $18.74.

Insider Buying and Selling at Semrush

In related news, CMO Andrew Warden sold 7,000 shares of the business’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $7.77, for a total value of $54,390.00. Following the transaction, the chief marketing officer owned 366,917 shares in the company, valued at $2,850,945.09. The trade was a 1.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 55.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Nuveen LLC purchased a new position in Semrush in the 1st quarter valued at $10,762,000. Bank of America Corp DE boosted its holdings in shares of Semrush by 871.8% in the second quarter. Bank of America Corp DE now owns 940,144 shares of the company’s stock valued at $8,508,000 after acquiring an additional 843,406 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Semrush during the second quarter worth about $6,926,000. Topline Capital Management LLC purchased a new position in Semrush during the third quarter worth about $3,923,000. Finally, Millennium Management LLC lifted its position in Semrush by 81.6% in the third quarter. Millennium Management LLC now owns 1,023,761 shares of the company’s stock valued at $7,248,000 after purchasing an additional 459,973 shares during the period. Institutional investors and hedge funds own 32.86% of the company’s stock.

About Semrush

Semrush Holdings, Inc develops an online visibility management software-as-a-service platform in the United States, the United Kingdom, and internationally. The company enables companies to identify and reach the right audience for their content through the right channels. Its platform enables the company's customers to understand trends and act upon insights to enhance the online visibility, and drive traffic to their websites and social media pages, as well as online listings, distribute targeted content to their customers, and measure the digital marketing campaigns.