Palogic Value Management L.P. Acquires Shares of 104,423 Similarweb Ltd. $SMWB

Key Points

• Palogic Value Management L.P. has acquired a new stake in Similarweb Ltd., purchasing 104,423 shares valued at approximately $864,000 in the first quarter.
• Multiple institutional investors, including T. Rowe Price and Wellington Management Group, have significantly increased their stakes in Similarweb during the same period, indicating growing investor confidence.
• Analysts have mixed opinions on Similarweb's stock, with a recent target price range of $11.00 to $14.00, highlighting varying ratings from different financial institutions.

Palogic Value Management L.P. purchased a new stake in Similarweb Ltd. (NYSE:SMWB - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 104,423 shares of the company's stock, valued at approximately $864,000. Palogic Value Management L.P. owned about 0.13% of Similarweb as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Similarweb by 61.3% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,762,557 shares of the company's stock valued at $22,846,000 after acquiring an additional 1,050,000 shares during the last quarter. Phoenix Financial Ltd. increased its holdings in shares of Similarweb by 2.5% in the 1st quarter. Phoenix Financial Ltd. now owns 2,585,985 shares of the company's stock worth $21,386,000 after buying an additional 63,978 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its holdings in shares of Similarweb by 33.2% in the 1st quarter. Menora Mivtachim Holdings LTD. now owns 2,246,470 shares of the company's stock worth $18,578,000 after buying an additional 560,000 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Similarweb by 2.9% in the 1st quarter. Jennison Associates LLC now owns 1,892,110 shares of the company's stock worth $15,648,000 after buying an additional 53,055 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of Similarweb by 109.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,410,826 shares of the company's stock worth $11,668,000 after buying an additional 736,004 shares during the last quarter. 57.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Zacks Research upgraded shares of Similarweb from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Oppenheimer boosted their target price on shares of Similarweb from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, August 18th. Citigroup reduced their target price on shares of Similarweb from $13.00 to $11.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Finally, Barclays reaffirmed an "overweight" rating on shares of Similarweb in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Similarweb currently has an average rating of "Buy" and a consensus price target of $14.88.

Similarweb Trading Up 3.0%

Shares of SMWB stock traded up $0.30 during trading hours on Wednesday, reaching $10.01. 709,911 shares of the stock were exchanged, compared to its average volume of 616,937. Similarweb Ltd. has a 12-month low of $6.36 and a 12-month high of $17.64. The company's 50-day moving average price is $8.55 and its 200-day moving average price is $8.22. The firm has a market capitalization of $849.12 million, a price-to-earnings ratio of -28.59 and a beta of 1.13.

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.