Similarweb (NYSE:SMWB) Sets New 1-Year High – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB) shares reached a new 52-week high during trading on Friday . The stock traded as high as $9.97 and last traded at $9.90, with a volume of 45972 shares. The stock had previously closed at $9.58.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Northland Securities assumed coverage on shares of Similarweb in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Barclays raised their price objective on shares of Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Similarweb in a report on Wednesday, August 7th. Needham & Company LLC started coverage on shares of Similarweb in a report on Monday, October 21st. They issued a “buy” rating and a $11.00 price target for the company. Finally, Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. 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, the company presently has an average rating of “Buy” and a consensus price target of $11.71.

Similarweb Trading Up 3.9 %

The company’s fifty day simple moving average is $8.87 and its 200 day simple moving average is $8.03. The stock has a market capitalization of $805.15 million, a P/E ratio of -71.07 and a beta of 0.84.

Institutional Trading of Similarweb

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Scalar Gauge Management LLC raised its position in shares of Similarweb by 56.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock valued at $4,615,000 after buying an additional 215,221 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Similarweb by 112.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock valued at $3,977,000 after buying an additional 238,428 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Similarweb by 60.8% during the 2nd quarter. Acadian Asset Management LLC now owns 442,917 shares of the company’s stock valued at $3,427,000 after buying an additional 167,500 shares in the last quarter. P.A.W. Capital Corp purchased a new stake in shares of Similarweb during the 3rd quarter valued at $3,536,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Similarweb during the 1st quarter valued at $2,820,000. Hedge funds and other institutional investors own 57.59% of the company’s stock.

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.