Similarweb (NYSE:SMWB) Shares Gap Up - Here's Why

Key Points

• Similarweb shares opened higher at $8.95, up from a prior close of $8.58, before later trading around $8.16.
• Analyst sentiment improved, with Needham upgrading the stock to “buy” and Barclays raising its target to $11; the consensus target is $9.71, though the overall rating remains “Hold.”
• Recent results showed $77.19 million in quarterly revenue and $0.06 EPS, but the company remained unprofitable with a negative net margin and return on equity. CEO Or Offer also sold 574,605 shares, while insiders collectively own 62.4% of the company.

Shares of Similarweb Ltd. (NYSE:SMWB - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $8.58, but opened at $8.95. Similarweb shares last traded at $8.1550, with a volume of 13,784 shares.

Analyst Upgrades and Downgrades

SMWB has been the topic of several research analyst reports. Needham & Company LLC raised Similarweb from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a report on Wednesday, September 16th. Barclays increased their target price on Similarweb from $5.00 to $11.00 and gave the company an "overweight" rating in a research report on Thursday, August 13th. Oppenheimer lifted their price target on shares of Similarweb from $7.00 to $8.50 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Citigroup boosted their price target on shares of Similarweb from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. Finally, Wall Street Zen cut shares of Similarweb from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 12th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Similarweb presently has an average rating of "Hold" and a consensus target price of $9.71.

Similarweb Trading Down 5.3%

The business has a fifty day simple moving average of $8.00 and a two-hundred day simple moving average of $5.29. The company has a market cap of $711.58 million, a PE ratio of -32.54 and a beta of 1.21.

Similarweb (NYSE:SMWB - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported $0.06 earnings per share (EPS) for the quarter. The business had revenue of $77.19 million during the quarter. Similarweb had a negative net margin of 7.37% and a negative return on equity of 19.81%.

Insiders Place Their Bets

In other Similarweb news, CEO Or Offer sold 574,605 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $8.80, for a total value of $5,056,524.00. Following the transaction, the chief executive officer directly owned 4,598,291 shares of the company's stock, valued at $40,464,960.80. This trade represents a 11.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 1,646,234 shares of company stock valued at $14,284,178. Company insiders own 62.40% of the company's stock.

Institutional Investors Weigh In On Similarweb

A number of large investors have recently made changes to their positions in SMWB. Integrated Wealth Concepts LLC purchased a new stake in Similarweb during the 2nd quarter worth about $92,000. Royce & Associates LP boosted its stake in shares of Similarweb by 8.7% in the 4th quarter. Royce & Associates LP now owns 537,406 shares of the company's stock valued at $4,025,000 after buying an additional 43,078 shares during the period. Bank of America Corp DE boosted its stake in shares of Similarweb by 475.3% in the 1st quarter. Bank of America Corp DE now owns 63,985 shares of the company's stock valued at $167,000 after buying an additional 52,863 shares during the period. S Squared Technology LLC grew its position in shares of Similarweb by 12.9% during the fourth quarter. S Squared Technology LLC now owns 775,161 shares of the company's stock worth $5,806,000 after buying an additional 88,489 shares in the last quarter. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Similarweb during the fourth quarter worth about $1,348,000. 57.59% of the stock is currently owned by hedge funds and other institutional investors.

Similarweb Company Profile

Similarweb Ltd. is a digital intelligence company that provides data and analytics about online activity. Its platform helps organizations analyze website and mobile application performance, understand audience behavior, evaluate competitors, and identify trends across digital markets.

The company's products support a range of business functions, including marketing, sales, market research, search engine optimization, investor research and business development. Similarweb combines data from multiple sources to provide insights into web traffic, mobile app usage, customer engagement, acquisition channels and industry positioning.

Founded in 2007, Similarweb serves businesses, agencies, financial institutions and other organizations in markets around the world.

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