Similarweb (NYSE:SMWB) Sees Large Volume Increase – Still a Buy?

Shares of Similarweb Ltd. (NYSE:SMWB) saw strong trading volume on Wednesday . 144,799 shares traded hands during trading, a decline of 36% from the previous session’s volume of 227,072 shares.The stock last traded at $12.93 and had previously closed at $12.18.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of Similarweb in a research note on Wednesday. Northland Securities raised their target price on Similarweb from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. JMP Securities reaffirmed a “market outperform” rating and set a $17.00 target price on shares of Similarweb in a research report on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Finally, Northland Capmk raised Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Similarweb presently has a consensus rating of “Buy” and a consensus price target of $13.50.

Similarweb Stock Performance

The firm has a 50 day simple moving average of $10.33 and a 200 day simple moving average of $8.74. The firm has a market cap of $1.05 billion, a P/E ratio of -118.09 and a beta of 1.03.

Institutional Trading of Similarweb

A number of hedge funds have recently bought and sold shares of SMWB. Scalar Gauge Management LLC increased its stake in Similarweb by 45.5% in 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 during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Similarweb by 112.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after purchasing an additional 238,428 shares during the period. Acadian Asset Management LLC increased its stake in Similarweb by 60.8% in the 2nd quarter. Acadian Asset Management LLC now owns 442,917 shares of the company’s stock worth $3,427,000 after purchasing an additional 167,500 shares during the period. P.A.W. Capital Corp purchased a new position in Similarweb in the 3rd quarter worth approximately $3,536,000. Finally, Walleye Capital LLC increased its stake in Similarweb by 115.9% in the 3rd quarter. Walleye Capital LLC now owns 354,653 shares of the company’s stock worth $3,135,000 after purchasing an additional 190,380 shares during the period. 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.