Telemark Asset Management LLC Cuts Stock Position in Similarweb Ltd. (NYSE:SMWB)

Key Points

• Telemark Asset Management LLC reduced its stake in Similarweb Ltd. by 23.3%, selling 70,000 shares and now holds approximately 0.28% of the company.
• Similarweb reported a loss of ($0.11) EPS for the last quarter, missing expectations, despite a revenue of $67.09 million.
• Research analysts have lowered their price targets for Similarweb, with Goldman Sachs reducing it from $13.00 to $10.00, but the stock maintains a consensus "Buy" rating.

Telemark Asset Management LLC trimmed its holdings in shares of Similarweb Ltd. (NYSE:SMWB - Free Report) by 23.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 230,000 shares of the company's stock after selling 70,000 shares during the period. Telemark Asset Management LLC owned about 0.28% of Similarweb worth $1,902,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. KLP Kapitalforvaltning AS purchased a new stake in shares of Similarweb during the fourth quarter valued at approximately $115,000. JPMorgan Chase & Co. boosted its holdings in Similarweb by 9.4% in the fourth quarter. JPMorgan Chase & Co. now owns 187,644 shares of the company's stock worth $2,659,000 after purchasing an additional 16,105 shares during the period. Geode Capital Management LLC boosted its holdings in Similarweb by 236.6% in the fourth quarter. Geode Capital Management LLC now owns 33,730 shares of the company's stock worth $478,000 after purchasing an additional 23,708 shares during the period. ExodusPoint Capital Management LP boosted its holdings in shares of Similarweb by 191.5% during the fourth quarter. ExodusPoint Capital Management LP now owns 68,218 shares of the company's stock valued at $967,000 after acquiring an additional 44,813 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Similarweb by 66.6% during the fourth quarter. Russell Investments Group Ltd. now owns 357,373 shares of the company's stock valued at $5,064,000 after acquiring an additional 142,807 shares during the period. 57.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Barclays reduced their price objective on shares of Similarweb from $15.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, May 15th. Citigroup dropped their target price on Similarweb from $13.00 to $11.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Finally, The Goldman Sachs Group decreased their target price on Similarweb from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Similarweb currently has a consensus rating of "Buy" and a consensus target price of $15.00.

Similarweb Trading Up 3.8%

Shares of NYSE:SMWB traded up $0.26 during trading on Tuesday, hitting $7.13. 182,893 shares of the company's stock traded hands, compared to its average volume of 605,417. The company has a 50-day moving average price of $8.11 and a 200-day moving average price of $8.90. Similarweb Ltd. has a 52 week low of $6.36 and a 52 week high of $17.64. The company has a market cap of $605.12 million, a price-to-earnings ratio of -32.41 and a beta of 1.11.

Similarweb (NYSE:SMWB - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.09). Similarweb had a negative net margin of 6.97% and a negative return on equity of 71.14%. The company had revenue of $67.09 million for the quarter, compared to the consensus estimate of $66.37 million. On average, analysts predict 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.