Similarweb (NYSE:SMWB) Sets New 1-Year High Following Analyst Upgrade

Similarweb Ltd. (NYSE:SMWB)’s stock price reached a new 52-week high during mid-day 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 analysts have also issued reports on SMWB. Northland Capmk upgraded Similarweb to a “strong-buy” rating in a research note on Tuesday, September 10th. Barclays increased their target price on Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. William Blair reiterated an “outperform” rating on shares of Similarweb in a research note on Monday, September 9th. Northland Securities began coverage on Similarweb in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Similarweb in a research note on Wednesday, August 7th. Eight 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, Similarweb has an average rating of “Buy” and a consensus target price of $12.86.

Hedge Funds Weigh In On Similarweb

Hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new position in Similarweb during the 3rd quarter worth $75,000. ANTIPODES PARTNERS Ltd increased its stake in Similarweb by 122.5% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock worth $90,000 after acquiring an additional 6,376 shares during the period. State of New Jersey Common Pension Fund D bought a new position in Similarweb during the 3rd quarter worth $122,000. Verition Fund Management LLC bought a new position in Similarweb during the 3rd quarter worth $160,000. Finally, Blair William & Co. IL increased its stake in Similarweb by 20.1% during the 1st quarter. Blair William & Co. IL now owns 21,662 shares of the company’s stock worth $195,000 after acquiring an additional 3,621 shares during the period. Institutional investors own 57.59% of the company’s stock.

Similarweb Trading Up 6.6 %

The stock has a 50 day simple moving average of $9.02 and a 200 day simple moving average of $8.12. The stock has a market cap of $958.90 million, a P/E ratio of -107.73 and a beta of 0.84.

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.