T. Rowe Price Investment Management Inc. Increases Position in Similarweb Ltd. $SMWB

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Similarweb Ltd. by 109.1% in Q1, now owning approximately 1.71% of the company, worth around $11.67 million.
• Multiple hedge funds recently acquired stakes in Similarweb, pushing institutional ownership to approximately 57.59% of the stock.
• Wall Street analysts have mixed ratings for Similarweb, with one strong buy, nine buy ratings, and an average price target rising to $14.88, indicating potential growth.

T. Rowe Price Investment Management Inc. increased its position in shares of Similarweb Ltd. (NYSE:SMWB - Free Report) by 109.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,410,826 shares of the company's stock after purchasing an additional 736,004 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 1.71% of Similarweb worth $11,668,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Herald Investment Management Ltd acquired a new position in shares of Similarweb during the 1st quarter worth approximately $2,478,000. Nuveen LLC purchased a new position in shares of Similarweb in the 1st quarter worth approximately $5,979,000. BNP Paribas Financial Markets purchased a new position in Similarweb in the fourth quarter valued at approximately $1,254,000. Bank of America Corp DE lifted its stake in shares of Similarweb by 145.0% during the 4th quarter. Bank of America Corp DE now owns 276,935 shares of the company's stock valued at $3,924,000 after buying an additional 163,919 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of Similarweb by 41.1% in the fourth quarter. Two Sigma Advisers LP now owns 43,600 shares of the company's stock worth $618,000 after buying an additional 12,700 shares in the last quarter. 57.59% of the stock is currently owned by institutional investors.

Similarweb Stock Performance

Shares of NYSE SMWB traded down $0.09 during midday trading on Friday, reaching $10.31. 501,759 shares of the stock were exchanged, compared to its average volume of 610,993. Similarweb Ltd. has a twelve month low of $6.36 and a twelve month high of $17.64. The stock has a market capitalization of $874.98 million, a P/E ratio of -29.46 and a beta of 1.11. The company has a 50 day simple moving average of $8.38 and a 200 day simple moving average of $8.30.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SMWB. Oppenheimer upped their price objective on shares of Similarweb from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Monday, August 18th. Zacks Research upgraded shares of Similarweb from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Citigroup dropped their price target 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. Finally, Barclays reaffirmed an "overweight" rating on shares of Similarweb in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $14.88.

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.