Similarweb (NYSE:SMWB) Reaches New 52-Week High After Analyst Upgrade

Shares of Similarweb Ltd. (NYSE:SMWB - Get Free Report) 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 trading hands. The stock had previously closed at $11.12.

Several other research firms have also recently issued reports on SMWB. Needham & Company LLC boosted their target price on shares of Similarweb from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Thursday. William Blair reiterated an "outperform" rating on shares of Similarweb in a research note on Monday, September 9th. Northland Capmk upgraded shares of Similarweb to a "strong-buy" rating in a research note on Tuesday, September 10th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 target price on shares of Similarweb in a research note on Wednesday, August 7th. Finally, JMP Securities boosted their target price on shares of Similarweb from $16.00 to $17.00 and gave the company a "market outperform" rating in a research note on Thursday. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $12.86.

Hedge Funds Weigh In On Similarweb

A number of large investors have recently added to or reduced their stakes in SMWB. Verition Fund Management LLC purchased a new stake in shares of Similarweb in the third quarter valued at about $160,000. Walleye Capital LLC grew its holdings in shares of Similarweb by 115.9% in the third quarter. Walleye Capital LLC now owns 354,653 shares of the company's stock valued at $3,135,000 after purchasing an additional 190,380 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Similarweb in the third quarter valued at about $75,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Similarweb by 112.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company's stock valued at $3,977,000 after purchasing an additional 238,428 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Similarweb by 9.8% in the third quarter. Oppenheimer & Co. Inc. now owns 106,607 shares of the company's stock valued at $942,000 after purchasing an additional 9,555 shares during the period. 57.59% of the stock is currently owned by institutional investors and hedge funds.

Similarweb Price Performance

The stock has a market cap of $958.90 million, a PE ratio of -107.09 and a beta of 0.84. The stock's fifty day moving average is $8.96 and its 200-day moving average is $8.09.

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.