Similarweb (NYSE:SMWB) Sets New 12-Month High – Should You Buy?

Similarweb Ltd. (NYSE:SMWB) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $14.11 and last traded at $14.04, with a volume of 136530 shares changing hands. The stock had previously closed at $13.48.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SMWB shares. Citigroup increased their target price on Similarweb from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Northland Securities lifted their price objective on shares of Similarweb from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. JMP Securities restated a “market outperform” rating and issued a $17.00 target price on shares of Similarweb in a research note on Wednesday, December 11th. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research note on Monday, September 9th. Finally, Northland Capmk raised 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $13.50.

Similarweb Price Performance

The company has a fifty day moving average price of $10.79 and a two-hundred day moving average price of $8.93. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -122.50 and a beta of 1.03.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SMWB. Cubist Systematic Strategies LLC boosted its holdings 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 period. California State Teachers Retirement System raised its stake in Similarweb by 10.1% during the 1st quarter. California State Teachers Retirement System now owns 26,892 shares of the company’s stock valued at $242,000 after purchasing an additional 2,475 shares during the period. XTX Topco Ltd lifted its holdings in shares of 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 in the last quarter. Legato Capital Management LLC boosted its position in shares of Similarweb by 4.5% in the second quarter. Legato Capital Management LLC now owns 102,987 shares of the company’s stock worth $800,000 after buying an additional 4,455 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Similarweb by 4.3% during the second quarter. Renaissance Technologies LLC now owns 110,600 shares of the company’s stock valued at $859,000 after buying an additional 4,599 shares in the last quarter. 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.