Similarweb (NYSE:SMWB) Reaches New 52-Week High - Here's What Happened

Similarweb Ltd. (NYSE:SMWB - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $15.29 and last traded at $15.21, with a volume of 645677 shares changing hands. The stock had previously closed at $14.12.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup upped their price target on shares of Similarweb from $10.00 to $14.00 and gave the company a "buy" rating in a report on Thursday, November 14th. JMP Securities reaffirmed a "market outperform" rating and issued a $17.00 price target on shares of Similarweb in a report on Wednesday, December 11th. Northland Securities upped their price target on shares of Similarweb from $15.00 to $17.00 and gave the company an "outperform" rating in a report on Tuesday, November 26th. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price target on shares of Similarweb in a report on Wednesday, December 11th. Finally, The Goldman Sachs Group assumed coverage on shares of Similarweb in a research report on Wednesday, December 11th. They issued a "buy" rating and a $16.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $13.50.

Similarweb Trading Up 7.1 %

The firm's 50-day moving average is $13.03 and its two-hundred day moving average is $9.88. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -137.45 and a beta of 0.97.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMWB. Renaissance Technologies LLC raised its holdings in Similarweb by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 110,600 shares of the company's stock valued at $859,000 after acquiring an additional 4,599 shares during the last quarter. XTX Topco Ltd raised its holdings in Similarweb by 63.9% in the 2nd quarter. XTX Topco Ltd now owns 49,527 shares of the company's stock valued at $385,000 after acquiring an additional 19,313 shares during the last quarter. 272 Capital LP acquired a new stake in Similarweb in the 2nd quarter valued at about $529,000. Scalar Gauge Management LLC raised its holdings in Similarweb by 56.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company's stock valued at $4,615,000 after acquiring an additional 215,221 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in Similarweb by 4.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 51,272 shares of the company's stock valued at $398,000 after acquiring an additional 2,138 shares during the last quarter. Institutional investors and hedge funds own 57.59% of the company's stock.

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.