Similarweb (NYSE:SMWB) Hits New 52-Week High – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB)’s share price reached a new 52-week high during mid-day trading on Monday . The stock 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.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and set a $17.00 target price on shares of Similarweb in a research report on Wednesday, December 11th. The Goldman Sachs Group initiated coverage on shares of Similarweb in a research report on Wednesday, December 11th. They set a “buy” rating and a $16.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Similarweb in a research report on Wednesday, December 11th. Northland Securities lifted their price target on Similarweb from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Finally, Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a research report on Tuesday, September 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Similarweb presently has a consensus rating of “Buy” and a consensus price target of $13.50.

Similarweb Price Performance

The business has a fifty day moving average price of $12.55 and a two-hundred day moving average price of $9.67. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -135.45 and a beta of 0.97.

Institutional Investors Weigh In On Similarweb

Several hedge funds have recently added to or reduced their stakes in SMWB. Cubist Systematic Strategies LLC boosted its stake in shares of Similarweb by 4.4% in the second quarter. Cubist Systematic Strategies LLC now owns 51,272 shares of the company’s stock worth $398,000 after buying an additional 2,138 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of Similarweb by 9.0% during the 3rd 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 in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Similarweb by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 110,600 shares of the company’s stock valued at $859,000 after purchasing an additional 4,599 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Similarweb during the third quarter worth $70,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Similarweb during the 3rd quarter valued at about $75,000. 57.59% of the stock is owned by hedge funds and other institutional investors.

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.