Semrush (NASDAQ:SEMR) Shares Gap Up - Here's What Happened

Shares of Semrush Holdings, Inc. (NASDAQ:SEMR - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $9.06, but opened at $9.61. Semrush shares last traded at $9.63, with a volume of 555,101 shares traded.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SEMR. KeyCorp dropped their price target on Semrush from $18.00 to $16.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley dropped their target price on Semrush from $19.00 to $13.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group lowered their price target on Semrush from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, March 28th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $16.43.

Semrush Price Performance

The business's 50-day moving average is $9.45 and its 200 day moving average is $11.29. The firm has a market capitalization of $1.45 billion, a P/E ratio of 122.08 and a beta of 1.65.

Insider Activity at Semrush

In related news, CMO Andrew Warden sold 7,344 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $10.81, for a total transaction of $79,388.64. Following the completion of the transaction, the chief marketing officer directly owned 393,655 shares of the company's stock, valued at $4,255,410.55. This trade represents a 1.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anna Baird sold 20,000 shares of Semrush stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $10.00, for a total value of $200,000.00. Following the transaction, the director directly owned 26,556 shares in the company, valued at $265,560. The trade was a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,561,250 shares of company stock valued at $25,650,643 in the last quarter. Insiders own 55.61% of the company's stock.

Institutional Investors Weigh In On Semrush

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SEMR. Quarry LP boosted its position in shares of Semrush by 504.8% in the fourth quarter. Quarry LP now owns 4,300 shares of the company's stock valued at $51,000 after acquiring an additional 3,589 shares during the period. Signaturefd LLC bought a new position in Semrush in the 1st quarter valued at $42,000. Amundi boosted its holdings in Semrush by 29.3% in the 1st quarter. Amundi now owns 4,890 shares of the company's stock valued at $44,000 after purchasing an additional 1,108 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Semrush during the 4th quarter valued at $71,000. Finally, Comerica Bank increased its holdings in shares of Semrush by 14.6% in the fourth quarter. Comerica Bank now owns 6,304 shares of the company's stock worth $75,000 after purchasing an additional 801 shares during the period. 32.86% of the stock is currently owned by 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.