Similarweb (NYSE:SMWB) Sets New 52-Week High – Time to Buy?

Similarweb Ltd. (NYSE:SMWB)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $17.64 and last traded at $17.05, with a volume of 529197 shares trading hands. The stock had previously closed at $17.08.

Analyst Ratings Changes

SMWB has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Similarweb in a research note on Thursday, January 16th. Northland Securities boosted their target price on Similarweb from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. William Blair reissued 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. Finally, Jefferies Financial Group increased their price objective on Similarweb from $13.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $15.50.

Similarweb Price Performance

The company has a fifty day simple moving average of $14.86 and a two-hundred day simple moving average of $11.14.

Similarweb (NYSE:SMWB) last posted its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.07). The business had revenue of $64.71 million for the quarter, compared to analysts’ expectations of $62.90 million. Similarweb had a negative net margin of 3.92% and a negative return on equity of 44.83%. During the same quarter last year, the business posted ($0.05) earnings per share. Equities research analysts forecast that Similarweb Ltd. will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SMWB. Jennison Associates LLC purchased a new position in Similarweb during the fourth quarter worth $26,059,000. Y.D. More Investments Ltd increased its position in Similarweb by 6.3% during 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 increased its position in Similarweb by 45.5% during the 3rd quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock worth $7,637,000 after purchasing an additional 270,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Similarweb by 50.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 677,465 shares of the company’s stock valued at $9,600,000 after purchasing an additional 227,569 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Similarweb in the 4th quarter valued at about $6,090,000. 57.59% of the stock is currently 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.