ARK Investment Management LLC Sells 82,923 Shares of Similarweb Ltd. (NYSE:SMWB)

Key Points

• ARK Investment Management LLC reduced its stake in Similarweb Ltd. by 40.7%, owning approximately 0.15% of the company after selling 82,923 shares.
• Similarweb reported a net loss of ($0.11) earnings per share for the last quarter, falling short of analysts' expectations of ($0.02) per share.
• Equities analysts have lowered their target prices for Similarweb, with Barclays and Goldman Sachs adjusting their price targets to $10.00, while the stock maintains a consensus rating of "Buy".

ARK Investment Management LLC decreased its holdings in Similarweb Ltd. (NYSE:SMWB - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 120,751 shares of the company's stock after selling 82,923 shares during the period. ARK Investment Management LLC owned approximately 0.15% of Similarweb worth $999,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. KLP Kapitalforvaltning AS acquired a new position in shares of Similarweb in the 4th quarter valued at about $115,000. Heck Capital Advisors LLC bought a new position in shares of Similarweb in the fourth quarter valued at approximately $115,000. Public Employees Retirement System of Ohio grew its holdings in Similarweb by 25.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,900 shares of the company's stock valued at $140,000 after purchasing an additional 2,000 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Similarweb during the fourth quarter worth $153,000. Finally, Freedom Investment Management Inc. purchased a new stake in shares of Similarweb in the fourth quarter worth $191,000. Institutional investors own 57.59% of the company's stock.

Similarweb Stock Down 0.7%

Shares of NYSE SMWB traded down $0.06 during midday trading on Wednesday, hitting $8.62. The company had a trading volume of 65,266 shares, compared to its average volume of 612,849. The firm has a market capitalization of $731.58 million, a price-to-earnings ratio of -39.18 and a beta of 1.10. The business has a 50-day simple moving average of $8.07 and a two-hundred day simple moving average of $9.45. Similarweb Ltd. has a twelve month low of $5.71 and a twelve month high of $17.64.

Similarweb (NYSE:SMWB - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $67.09 million during the quarter, compared to analysts' expectations of $66.37 million. On average, equities analysts forecast that Similarweb Ltd. will post -0.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. The Goldman Sachs Group cut their target price on Similarweb from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Barclays cut their price objective on shares of Similarweb from $15.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $15.75.

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.