Similarweb Ltd. (NYSE:SMWB) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Similarweb Ltd. by 19.0%, owning approximately 0.98% of the company worth $6.67 million after purchasing additional shares.
• Recent analyst reports show a decline in price targets for Similarweb, with Goldman Sachs and Barclays both adjusting their price objectives to $10.00, while maintaining a "buy" rating for the stock.
• In its most recent earnings report, Similarweb posted a loss of $0.11 earnings per share, missing analysts' expectations, though it surpassed revenue estimates with $67.09 million in revenue.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Similarweb Ltd. (NYSE:SMWB - Free Report) by 19.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 806,174 shares of the company's stock after acquiring an additional 128,709 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.98% of Similarweb worth $6,667,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Similarweb in the fourth quarter valued at approximately $22,536,000. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Similarweb by 61.3% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,762,557 shares of the company's stock worth $22,846,000 after purchasing an additional 1,050,000 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of Similarweb during the fourth quarter worth $9,563,000. CenterBook Partners LP increased its position in shares of Similarweb by 307.2% during the first quarter. CenterBook Partners LP now owns 807,696 shares of the company's stock worth $6,680,000 after purchasing an additional 609,365 shares in the last quarter. Finally, Herald Investment Management Ltd acquired a new position in shares of Similarweb in the 1st quarter valued at $2,478,000. 57.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SMWB has been the topic of several research reports. Barclays reissued an "overweight" rating on shares of Similarweb in a research report on Wednesday. Citigroup cut their price target on Similarweb from $13.00 to $11.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. Finally, The Goldman Sachs Group cut their price target on 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 stock. According to data from MarketBeat.com, Similarweb currently has a consensus rating of "Buy" and an average price target of $15.00.

Similarweb Stock Down 0.2%

SMWB stock traded down $0.02 during midday trading on Thursday, hitting $8.41. The company's stock had a trading volume of 776,113 shares, compared to its average volume of 502,129. Similarweb Ltd. has a 52-week low of $6.36 and a 52-week high of $17.64. The firm has a market capitalization of $713.76 million, a P/E ratio of -24.03 and a beta of 1.11. The firm has a 50-day simple moving average of $8.13 and a 200-day simple moving average of $8.84.

Similarweb (NYSE:SMWB - Get Free Report) last released 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). The firm had revenue of $67.09 million for the quarter, compared to analysts' expectations of $66.37 million. Similarweb had a negative return on equity of 88.03% and a negative net margin of 10.84%. On average, sell-side analysts expect that Similarweb Ltd. will post -0.24 earnings per share for the current fiscal year.

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.