Connor Clark & Lunn Investment Management Ltd. Acquires 128,709 Shares of Similarweb Ltd. (NYSE:SMWB)

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

Other hedge funds have also recently modified their holdings of the company. Heck Capital Advisors LLC purchased a new stake in shares of Similarweb during the 4th quarter worth approximately $115,000. Fullcircle Wealth LLC purchased a new stake in shares of Similarweb during the 1st quarter worth approximately $117,000. Public Employees Retirement System of Ohio grew its stake in Similarweb by 25.3% in the 4th 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 in the last quarter. Teacher Retirement System of Texas grew its stake in Similarweb by 70.1% in the 1st 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 in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Similarweb by 15.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,032 shares of the company's stock valued at $174,000 after buying an additional 2,825 shares in the last quarter. Institutional investors own 57.59% of the company's stock.

Similarweb Stock Up 1.1%

Shares of NYSE SMWB traded up $0.09 during mid-day trading on Friday, reaching $8.48. 520,946 shares of the company were exchanged, compared to its average volume of 498,812. Similarweb Ltd. has a 52 week low of $6.36 and a 52 week high of $17.64. The stock has a market capitalization of $719.67 million, a PE ratio of -24.23 and a beta of 1.11. The company's 50 day moving average price is $8.14 and its 200 day moving average price is $8.73.

Analysts Set New Price Targets

SMWB has been the subject of a number of recent research reports. Barclays reiterated an "overweight" rating on shares of Similarweb in a research note on Wednesday. Citigroup reduced their price objective on shares of Similarweb from $13.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Similarweb has a consensus rating of "Buy" and a consensus price target of $15.00.

Similarweb 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.