Similarweb (NYSE:SMWB) Hits New 52-Week High on Analyst Upgrade

Similarweb Ltd. (NYSE:SMWB)’s stock price reached a new 52-week high on Thursday after Citigroup raised their price target on the stock from $10.00 to $14.00. Citigroup currently has a buy rating on the stock. Similarweb traded as high as $11.60 and last traded at $11.54, with a volume of 52390 shares changing hands. The stock had previously closed at $11.12.

A number of other equities analysts have also recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. 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. Northland Securities began coverage on Similarweb in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company. Needham & Company LLC lifted their target price on Similarweb from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Similarweb in a report on Wednesday, August 7th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Similarweb presently has a consensus rating of “Buy” and an average price target of $12.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in Similarweb during the third quarter worth about $70,000. Quantbot Technologies LP acquired a new position in Similarweb during the third quarter worth about $75,000. ANTIPODES PARTNERS Ltd raised its stake in Similarweb by 122.5% during the second quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock worth $90,000 after acquiring an additional 6,376 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Similarweb during the third quarter worth about $122,000. Finally, Barclays PLC raised its stake in Similarweb by 201.0% during the third quarter. Barclays PLC now owns 15,414 shares of the company’s stock worth $136,000 after acquiring an additional 10,293 shares in the last quarter. Institutional investors and hedge funds own 57.59% of the company’s stock.

Similarweb Stock Down 2.9 %

The stock has a market cap of $931.38 million, a price-to-earnings ratio of -104.64 and a beta of 0.84. The company has a 50 day simple moving average of $9.07 and a 200 day simple moving average of $8.14.

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.