Similarweb (NYSE:SMWB) Shares Gap Down on Disappointing Earnings

Similarweb Ltd. (NYSE:SMWB - Get Free Report)'s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $16.78, but opened at $10.67. Similarweb shares last traded at $10.98, with a volume of 2,330,619 shares traded.

The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). Similarweb had a negative return on equity of 44.83% and a negative net margin of 3.92%.

Analysts Set New Price Targets

Several analysts recently issued reports on SMWB shares. Jefferies Financial Group lifted their target price on Similarweb from $13.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. William Blair restated an "outperform" rating on shares of Similarweb in a report on Thursday, December 19th. Northland Securities raised their price target on Similarweb from $17.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Citigroup raised their price target on Similarweb from $14.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, Needham & Company LLC restated a "buy" rating and set a $14.00 price target on shares of Similarweb in a report on Thursday. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $16.50.

Hedge Funds Weigh In On Similarweb

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jennison Associates LLC purchased a new position in Similarweb during the 4th quarter valued at $26,059,000. Schonfeld Strategic Advisors LLC purchased a new position in Similarweb during the 4th quarter valued at $22,536,000. T. Rowe Price Investment Management Inc. purchased a new position in Similarweb during the 4th quarter valued at $9,563,000. Victory Capital Management Inc. purchased a new position in Similarweb during the 4th quarter valued at $6,090,000. Finally, Next Century Growth Investors LLC boosted its holdings in Similarweb by 146.7% during the 4th quarter. Next Century Growth Investors LLC now owns 699,128 shares of the company's stock valued at $9,907,000 after acquiring an additional 415,792 shares during the period. Hedge funds and other institutional investors own 57.59% of the company's stock.

Similarweb Trading Up 2.2 %

The stock has a fifty day moving average of $14.83 and a 200-day moving average of $11.28.

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.