Needham & Company LLC Reaffirms Buy Rating for Similarweb (NYSE:SMWB)

Needham & Company LLC reiterated their buy rating on shares of Similarweb (NYSE:SMWB - Free Report) in a research report released on Thursday,Benzinga reports. Needham & Company LLC currently has a $14.00 price objective on the stock.

A number of other analysts also recently issued reports on SMWB. JMP Securities restated a "market outperform" rating and issued a $17.00 price target on shares of Similarweb in a research report on Wednesday, December 11th. The Goldman Sachs Group assumed coverage on shares of Similarweb in a report on Wednesday, December 11th. They issued a "buy" rating and a $16.00 target price for the company. William Blair reiterated an "outperform" rating on shares of Similarweb in a report on Thursday, December 19th. Northland Securities increased their price objective on shares of Similarweb from $17.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Finally, Jefferies Financial Group boosted their target price on Similarweb from $13.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Similarweb currently has a consensus rating of "Buy" and a consensus target price of $16.50.

Similarweb Price Performance

Shares of Similarweb stock traded up $0.24 during trading hours on Thursday, reaching $10.83. The company's stock had a trading volume of 1,108,491 shares, compared to its average volume of 648,535. Similarweb has a one year low of $5.71 and a one year high of $17.64. The firm has a 50 day moving average price of $14.83 and a 200-day moving average price of $11.31. The stock has a market cap of $875.96 million, a P/E ratio of -98.41 and a beta of 0.99.

Similarweb (NYSE:SMWB - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.07) earnings per share 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%. As a group, sell-side analysts forecast that Similarweb will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC acquired a new stake in Similarweb in the fourth quarter worth about $26,059,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Similarweb in the 4th quarter valued at approximately $22,536,000. Y.D. More Investments Ltd boosted its stake in Similarweb by 6.3% in the 4th quarter. Y.D. More Investments Ltd now owns 1,449,634 shares of the company's stock worth $20,541,000 after purchasing an additional 86,500 shares in the last quarter. Scalar Gauge Management LLC grew its position in Similarweb by 29.2% during the 4th quarter. Scalar Gauge Management LLC now owns 1,115,778 shares of the company's stock worth $15,811,000 after purchasing an additional 251,855 shares during the last quarter. Finally, S Squared Technology LLC grew its position in Similarweb by 2.8% during the 4th quarter. S Squared Technology LLC now owns 1,056,291 shares of the company's stock worth $14,968,000 after purchasing an additional 28,274 shares during the last quarter. 57.59% of the stock is owned by institutional investors and hedge funds.

About Similarweb

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.