Similarweb (NYSE:SMWB) Shares Gap Down After Earnings Miss

Shares of Similarweb Ltd. (NYSE:SMWB) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. 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 changing hands.

The company reported ($0.07) earnings per share (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

A number of equities analysts have issued reports on SMWB shares. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. JMP Securities reaffirmed a “market outperform” rating and set a $17.00 price objective on shares of Similarweb in a report on Wednesday, December 11th. The Goldman Sachs Group started coverage on shares of Similarweb in a report on Wednesday, December 11th. They set a “buy” rating and a $16.00 price objective on the stock. Citigroup boosted their price target on shares of Similarweb from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Northland Securities boosted their price target on shares of Similarweb from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Similarweb has a consensus rating of “Buy” and a consensus target price of $16.50.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in Similarweb in the fourth quarter worth approximately $29,000. New York State Common Retirement Fund purchased a new stake in Similarweb in the fourth quarter worth approximately $39,000. Public Employees Retirement System of Ohio purchased a new stake in Similarweb in the third quarter worth approximately $70,000. KLP Kapitalforvaltning AS purchased a new stake in Similarweb in the fourth quarter worth approximately $115,000. Finally, Heck Capital Advisors LLC purchased a new stake in Similarweb in the fourth quarter worth approximately $115,000. 57.59% of the stock is currently owned by institutional investors.

Similarweb Price Performance

The firm has a market cap of $870.46 million, a PE ratio of -97.79 and a beta of 0.99. The company has a 50 day simple moving average of $14.95 and a 200-day simple moving average of $11.21.

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.