Needham & Company LLC Reaffirms Buy Rating for Similarweb (NYSE:SMWB)

Similarweb (NYSE:SMWB)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $14.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 14.75% from the company’s previous close.

Several other brokerages have also recently commented on SMWB. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Northland Securities raised their price objective on Similarweb from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Northland Capmk upgraded Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. Citigroup raised their price target on shares of Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JMP Securities boosted their price objective on shares of Similarweb from $16.00 to $17.00 and gave the company a “market outperform” rating in a research report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Similarweb has a consensus rating of “Buy” and an average target price of $13.50.

Similarweb Price Performance

SMWB stock opened at $12.20 on Wednesday. The firm has a market capitalization of $987.21 million, a P/E ratio of -110.91 and a beta of 1.03. Similarweb has a 52-week low of $4.91 and a 52-week high of $13.41. The company’s 50 day simple moving average is $10.33 and its 200-day simple moving average is $8.74.

Hedge Funds Weigh In On Similarweb

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. P.A.W. Capital Corp bought a new stake in Similarweb in the third quarter worth approximately $3,536,000. Scalar Gauge Management LLC boosted its holdings in Similarweb by 45.5% in the third 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. increased its position in Similarweb by 112.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after buying an additional 238,428 shares during the last quarter. Walleye Capital LLC lifted its position in shares of Similarweb by 115.9% in the third quarter. Walleye Capital LLC now owns 354,653 shares of the company’s stock worth $3,135,000 after buying an additional 190,380 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Similarweb by 60.8% in the second quarter. Acadian Asset Management LLC now owns 442,917 shares of the company’s stock worth $3,427,000 after buying an additional 167,500 shares during the last quarter. Institutional investors own 57.59% of the company’s stock.

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.