Herald Investment Management Ltd Buys New Position 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 acquired a new position in shares of Similarweb Ltd. (NYSE:SMWB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 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 reporting period.

A number of other large investors also recently modified their holdings of the business. KLP Kapitalforvaltning AS acquired a new stake in shares of Similarweb in the fourth quarter valued at about $115,000. Heck Capital Advisors LLC acquired a new stake in shares of Similarweb in the fourth quarter valued at about $115,000. Fullcircle Wealth LLC acquired a new stake in shares of Similarweb in the first quarter valued at about $117,000. Public Employees Retirement System of Ohio increased its stake in shares of Similarweb by 25.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,900 shares of the company's stock valued at $140,000 after buying an additional 2,000 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in Similarweb by 70.1% in the first quarter. Teacher Retirement System of Texas now owns 18,362 shares of the company's stock valued at $152,000 after buying an additional 7,566 shares during the period. 57.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SMWB has been the topic of several recent analyst reports. Citigroup lowered their target price on shares of Similarweb from $13.00 to $11.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Barclays lowered their price objective on shares of Similarweb from $15.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group lowered their price objective on shares of Similarweb from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Eight 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.com, Similarweb currently has a consensus rating of "Buy" and a consensus target price of $15.00.

Similarweb Stock Down 5.8%

SMWB traded down $0.44 on Friday, reaching $7.12. The company's stock had a trading volume of 644,086 shares, compared to its average volume of 432,583. Similarweb Ltd. has a fifty-two week low of $6.36 and a fifty-two week high of $17.64. The stock has a 50 day moving average of $8.12 and a two-hundred day moving average of $9.02. The company has a market capitalization of $604.44 million, a price-to-earnings ratio of -32.37 and a beta of 1.11.

Similarweb (NYSE:SMWB - Get Free Report) last announced 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 return on equity of 71.14% and a negative net margin of 6.97%. The business had revenue of $67.09 million for the quarter, compared to analysts' expectations of $66.37 million. As a group, analysts anticipate that Similarweb Ltd. will post -0.24 earnings per share for the current fiscal year.

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.