Citigroup Issues Pessimistic Forecast for Similarweb (NYSE:SMWB) Stock Price

Key Points

• Citigroup has cut its target price for Similarweb stock from $13.00 to $11.00 while maintaining a "buy" rating, indicating a potential upside of 38.89% from the company's previous close.
• Goldman Sachs and Barclays have also lowered their target prices for Similarweb, with Goldman Sachs setting it at $10.00 and Barclays at $10.00, both maintaining "buy" and "overweight" ratings, respectively.
• Despite recent downgrades by analysts, nine research firms continue to rate Similarweb stock as a buy, reflecting a consensus average target price of $14.38.

Similarweb (NYSE:SMWB - Get Free Report) had its target price cut by research analysts at Citigroup from $13.00 to $11.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 38.89% from the company's previous close.

A number of other research analysts have also issued reports on the company. The Goldman Sachs Group lowered their target price on Similarweb from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Barclays dropped their price target on Similarweb from $15.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. Nine equities research 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 $14.38.

Similarweb Stock Performance

SMWB traded down $0.44 on Friday, reaching $7.92. 627,585 shares of the company's stock were exchanged, compared to its average volume of 611,505. The company's 50 day moving average is $8.11 and its 200-day moving average is $9.40. The company has a market cap of $672.15 million, a price-to-earnings ratio of -36.00 and a beta of 1.10. Similarweb has a twelve month low of $5.71 and a twelve month high of $17.64.

Similarweb (NYSE:SMWB - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.09). Similarweb had a negative net margin of 6.97% and a negative return on equity of 71.14%. The firm had revenue of $67.09 million during the quarter, compared to analyst estimates of $66.37 million. Sell-side analysts forecast that Similarweb will post -0.24 EPS for the current year.

Hedge Funds Weigh In On Similarweb

A number of institutional investors and hedge funds have recently bought and sold shares of SMWB. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Similarweb by 61.3% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,762,557 shares of the company's stock valued at $22,846,000 after purchasing an additional 1,050,000 shares during the last quarter. Phoenix Financial Ltd. increased its holdings in Similarweb by 2.5% in the first quarter. Phoenix Financial Ltd. now owns 2,585,985 shares of the company's stock valued at $21,386,000 after purchasing an additional 63,978 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its holdings in Similarweb by 33.2% in the first quarter. Menora Mivtachim Holdings LTD. now owns 2,246,470 shares of the company's stock valued at $18,578,000 after purchasing an additional 560,000 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Similarweb by 2.9% in the first quarter. Jennison Associates LLC now owns 1,892,110 shares of the company's stock worth $15,648,000 after acquiring an additional 53,055 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Similarweb in the fourth quarter worth about $22,536,000. 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.

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