Wellington Management Group LLP Buys Shares of 889,363 Similarweb Ltd. $SMWB

Key Points

• Wellington Management Group LLP acquired a new stake in Similarweb Ltd., purchasing 889,363 shares valued at approximately $7.35 million, making up 1.08% of the company's total shares.
• Several institutional investors, including Geode Capital Management and Northern Trust Corp, significantly increased their holdings in Similarweb in the fourth quarter, with 57.59% of the stock currently owned by hedge funds and other institutional investors.
• Similarweb shares have seen a price fluctuation, with a 52-week low of $6.36 and a high of $17.64, while the stock currently has a consensus rating of "Buy" with a target price of $14.88 according to various analyst reports.

Wellington Management Group LLP purchased a new position in shares of Similarweb Ltd. (NYSE:SMWB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 889,363 shares of the company's stock, valued at approximately $7,355,000. Wellington Management Group LLP owned about 1.08% of Similarweb as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of SMWB. Heck Capital Advisors LLC acquired a new position in Similarweb during the fourth quarter worth approximately $115,000. Fullcircle Wealth LLC acquired a new position in Similarweb during the first quarter worth approximately $117,000. Public Employees Retirement System of Ohio increased its position in Similarweb by 25.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,900 shares of the company's stock worth $140,000 after purchasing an additional 2,000 shares during the last quarter. Teacher Retirement System of Texas increased its position in Similarweb by 70.1% during the first quarter. Teacher Retirement System of Texas now owns 18,362 shares of the company's stock worth $152,000 after purchasing an additional 7,566 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Similarweb by 15.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,032 shares of the company's stock worth $174,000 after purchasing an additional 2,825 shares during the last quarter. Institutional investors and hedge funds own 57.59% of the company's stock.

Similarweb Stock Performance

Shares of SMWB stock traded down $0.96 on Tuesday, hitting $9.44. The stock had a trading volume of 1,146,860 shares, compared to its average volume of 614,871. The firm has a market capitalization of $800.75 million, a price-to-earnings ratio of -26.96 and a beta of 1.13. The stock's 50 day moving average is $8.51 and its 200-day moving average is $8.21. Similarweb Ltd. has a 52-week low of $6.36 and a 52-week high of $17.64.

Wall Street Analyst Weigh In

SMWB has been the subject of several research reports. Citigroup decreased 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. Oppenheimer boosted their price objective on shares of Similarweb from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Monday, August 18th. Barclays reiterated an "overweight" rating on shares of Similarweb in a research note on Wednesday, August 13th. Finally, Zacks Research upgraded shares of Similarweb from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $14.88.

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.