Similarweb (NYSE:SMWB) Sets New 52-Week High – Still a Buy?

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

Analyst Ratings Changes

SMWB has been the subject of several research reports. William Blair reiterated an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Barclays upped their target price on Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Needham & Company LLC started coverage on Similarweb in a research note on Monday, October 21st. They issued a “buy” rating and a $11.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Similarweb in a research report on Wednesday, August 7th. Finally, Northland Securities began coverage on shares of Similarweb in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Similarweb has an average rating of “Buy” and an average target price of $11.71.

Similarweb Stock Up 2.8 %

The stock has a fifty day simple moving average of $8.86 and a 200 day simple moving average of $8.01.

Similarweb (NYSE:SMWB) last posted its earnings results on Tuesday, August 6th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.04. The business had revenue of $60.64 million during the quarter, compared to the consensus estimate of $60.23 million. Similarweb had a negative net margin of 5.07% and a negative return on equity of 60.53%. On average, sell-side analysts expect that Similarweb Ltd. will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On Similarweb

Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in Similarweb during the 1st quarter valued at approximately $2,820,000. Oppenheimer & Co. Inc. purchased a new position in shares of Similarweb in the 1st quarter worth $654,000. Acadian Asset Management LLC lifted its holdings in shares of Similarweb by 3,663.6% in the 1st quarter. Acadian Asset Management LLC now owns 275,417 shares of the company’s stock valued at $2,468,000 after acquiring an additional 268,099 shares during the last quarter. Inspire Investing LLC bought a new stake in Similarweb during the third quarter worth approximately $886,000. Finally, Scalar Gauge Management LLC boosted its holdings in shares of Similarweb by 56.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock worth $4,615,000 after purchasing an additional 215,221 shares during the period. 57.59% of the stock is currently owned by 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.