Needham & Company LLC Cuts Semrush (NASDAQ:SEMR) Price Target to $12.00

Key Points

• Needham & Company LLC has lowered the price target for Semrush (NASDAQ:SEMR) from $18.00 to $12.00 while maintaining a "buy" rating, indicating a potential upside of 63.49% from the company's previous close.
• Other analysts, including Morgan Stanley and KeyCorp, have also reduced their price targets to $13.00 and $12.00, respectively, reflecting a cautious outlook on the stock.
• Shares of Semrush saw a decline of $1.87 during trading, bringing the stock price down to $7.34, which is significantly lower than its 12-month high of $18.74.

Semrush (NASDAQ:SEMR - Get Free Report) had its price target lowered by equities researchers at Needham & Company LLC from $18.00 to $12.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 68.90% from the stock's current price.

A number of other brokerages also recently weighed in on SEMR. KeyCorp set a $12.00 target price on shares of Semrush and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley lowered their target price on shares of Semrush from $19.00 to $13.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $14.00.

Semrush Trading Down 5.0%

Shares of SEMR stock traded down $0.38 during trading hours on Tuesday, reaching $7.11. The stock had a trading volume of 1,353,870 shares, compared to its average volume of 824,938. The stock's fifty day simple moving average is $9.13 and its 200 day simple moving average is $10.87. The firm has a market capitalization of $1.05 billion, a PE ratio of 88.82 and a beta of 1.65. Semrush has a 12 month low of $7.08 and a 12 month high of $18.74.

Insider Activity

In other Semrush news, Director Anna Baird sold 20,000 shares of Semrush stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $10.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 26,556 shares of the company's stock, valued at approximately $265,560. This trade represents a 42.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Oleg Shchegolev sold 2,500,000 shares of Semrush stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $10.01, for a total transaction of $25,025,000.00. Following the transaction, the chief technology officer directly owned 26,739,320 shares in the company, valued at $267,660,593.20. This trade represents a 8.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,561,250 shares of company stock valued at $25,650,643. Insiders own 55.61% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SEMR. Nuveen LLC purchased a new position in shares of Semrush in the first quarter worth $10,762,000. Topline Capital Management LLC purchased a new position in shares of Semrush in the fourth quarter worth $9,267,000. Millennium Management LLC increased its stake in shares of Semrush by 153.8% in the fourth quarter. Millennium Management LLC now owns 1,246,109 shares of the company's stock worth $14,804,000 after buying an additional 755,220 shares during the period. ANTIPODES PARTNERS Ltd increased its stake in shares of Semrush by 898.5% in the second quarter. ANTIPODES PARTNERS Ltd now owns 426,215 shares of the company's stock worth $3,858,000 after buying an additional 383,529 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Semrush by 129.2% in the first quarter. Goldman Sachs Group Inc. now owns 674,396 shares of the company's stock worth $6,292,000 after buying an additional 380,165 shares during the period. 32.86% of the stock is owned by hedge funds and other institutional investors.

About Semrush

Semrush Holdings, Inc develops an online visibility management software-as-a-service platform in the United States, the United Kingdom, and internationally. The company enables companies to identify and reach the right audience for their content through the right channels. Its platform enables the company's customers to understand trends and act upon insights to enhance the online visibility, and drive traffic to their websites and social media pages, as well as online listings, distribute targeted content to their customers, and measure the digital marketing campaigns.