Similarweb (NYSE:SMWB) Sets New 1-Year High Following Analyst Upgrade

Similarweb Ltd. (NYSE:SMWB) reached a new 52-week high during trading 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.

SMWB has been the subject of several other reports. Northland Capmk upgraded Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. William Blair restated an “outperform” rating on shares of Similarweb in a report on Monday, September 9th. Barclays increased their price target on Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Similarweb in a report on Wednesday, August 7th. Finally, Needham & Company LLC increased their price target on Similarweb from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $12.86.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Quantbot Technologies LP acquired a new position in Similarweb during the third quarter valued at approximately $75,000. ANTIPODES PARTNERS Ltd boosted its position in Similarweb by 122.5% during the second quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock valued at $90,000 after purchasing an additional 6,376 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Similarweb during the third quarter valued at approximately $122,000. Verition Fund Management LLC acquired a new position in Similarweb during the third quarter valued at approximately $160,000. Finally, Blair William & Co. IL boosted its position in Similarweb by 20.1% during the first quarter. Blair William & Co. IL now owns 21,662 shares of the company’s stock valued at $195,000 after purchasing an additional 3,621 shares during the last quarter. 57.59% of the stock is owned by institutional investors and hedge funds.

Similarweb Price Performance

The firm has a 50-day moving average of $9.02 and a 200 day moving average of $8.12. The stock has a market capitalization of $958.90 million, a price-to-earnings ratio of -107.73 and a beta of 0.84.

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.