Herald Investment Management Ltd Purchases New Stake in Similarweb Ltd. (NYSE:SMWB)

Key Points

• Herald Investment Management Ltd has taken a new position in Similarweb Ltd., buying 300,000 shares valued at approximately $2.48 million, representing about 0.36% of the company.
• Similarweb reported earnings of ($0.11) per share, missing analysts' estimates, with a revenue of $67.09 million for the quarter.
• Analysts have adjusted their price targets for Similarweb, with predictions now ranging between $10.00 and $11.00, reflecting a consensus "Buy" rating.

Herald Investment Management Ltd bought a new stake in shares of Similarweb Ltd. (NYSE:SMWB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 300,000 shares of the company's stock, valued at approximately $2,478,000. Herald Investment Management Ltd owned about 0.36% of Similarweb at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. KLP Kapitalforvaltning AS bought a new stake in Similarweb during the fourth quarter valued at about $115,000. JPMorgan Chase & Co. grew its position in Similarweb by 9.4% in the fourth quarter. JPMorgan Chase & Co. now owns 187,644 shares of the company's stock worth $2,659,000 after acquiring an additional 16,105 shares in the last quarter. Geode Capital Management LLC grew its position in Similarweb by 236.6% in the fourth quarter. Geode Capital Management LLC now owns 33,730 shares of the company's stock worth $478,000 after acquiring an additional 23,708 shares in the last quarter. ExodusPoint Capital Management LP grew its position in Similarweb by 191.5% in the fourth quarter. ExodusPoint Capital Management LP now owns 68,218 shares of the company's stock worth $967,000 after acquiring an additional 44,813 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Similarweb by 66.6% during the fourth quarter. Russell Investments Group Ltd. now owns 357,373 shares of the company's stock valued at $5,064,000 after buying an additional 142,807 shares during the period. 57.59% of the stock is currently owned by hedge funds and other institutional investors.

Similarweb Price Performance

SMWB stock traded up $0.32 during trading hours on Tuesday, reaching $7.19. The stock had a trading volume of 258,559 shares, compared to its average volume of 605,625. The stock has a 50-day simple moving average of $8.11 and a 200 day simple moving average of $8.90. The stock has a market capitalization of $609.79 million, a PE ratio of -32.59 and a beta of 1.11. Similarweb Ltd. has a fifty-two week low of $6.36 and a fifty-two week 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 for the quarter, missing the consensus estimate of ($0.02) by ($0.09). Similarweb had a negative return on equity of 71.14% and a negative net margin of 6.97%. The business had revenue of $67.09 million during the quarter, compared to analyst estimates of $66.37 million. On average, sell-side analysts forecast that Similarweb Ltd. will post -0.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SMWB has been the subject of several recent analyst reports. Barclays dropped their target price on Similarweb from $15.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. The Goldman Sachs Group lowered their price target on Similarweb from $13.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Citigroup lowered their price target on Similarweb from $13.00 to $11.00 and set a "buy" rating for the company in a report on Friday, August 1st. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $15.00.

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.