Similarweb (NYSE:SMWB) Reaches New 52-Week High – Here’s Why

Similarweb Ltd. (NYSE:SMWB)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $14.88 and last traded at $14.83, with a volume of 498922 shares changing hands. The stock had previously closed at $14.51.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SMWB. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Similarweb in a research note on Wednesday, December 11th. Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and issued a $17.00 price target on shares of Similarweb in a research note on Wednesday, December 11th. William Blair reiterated an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. Finally, Northland Securities boosted their target price on Similarweb from $15.00 to $17.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Similarweb presently has an average rating of “Buy” and an average target price of $13.50.

Similarweb Stock Performance

The stock has a market cap of $1.21 billion, a PE ratio of -135.45 and a beta of 0.97. The company’s 50-day moving average price is $12.55 and its 200 day moving average price is $9.67.

Hedge Funds Weigh In On Similarweb

Several large investors have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new stake in Similarweb in the 4th quarter valued at about $154,000. JPMorgan Chase & Co. raised its stake in shares of Similarweb by 147.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 171,539 shares of the company’s stock valued at $1,516,000 after acquiring an additional 102,192 shares during the period. Barclays PLC boosted its position in shares of Similarweb by 201.0% during the 3rd quarter. Barclays PLC now owns 15,414 shares of the company’s stock worth $136,000 after purchasing an additional 10,293 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Similarweb in the 3rd quarter valued at approximately $70,000. Finally, XTX Topco Ltd raised its position in Similarweb by 9.0% in the third quarter. XTX Topco Ltd now owns 53,980 shares of the company’s stock valued at $477,000 after purchasing an additional 4,453 shares during the period. Institutional investors and hedge funds 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.