Similarweb (NYSE:SMWB) Sees Strong Trading Volume – Here’s Why

Shares of Similarweb Ltd. (NYSE:SMWB) saw strong trading volume on Wednesday . 375,708 shares changed hands during mid-day trading, a decline of 19% from the previous session’s volume of 462,825 shares.The stock last traded at $15.96 and had previously closed at $15.12.

Analysts Set New Price Targets

SMWB has been the topic of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Similarweb in a research note on Wednesday, December 11th. They issued a “buy” rating and a $16.00 price target on the stock. Northland Securities lifted their target price on Similarweb from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Citigroup boosted their price target on Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and set a $17.00 price target on shares of Similarweb in a report on Wednesday, December 11th. Finally, William Blair reaffirmed an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $13.50.

Similarweb Stock Up 4.2 %

The stock has a market capitalization of $1.27 billion, a P/E ratio of -143.18 and a beta of 0.97. The firm’s 50-day simple moving average is $13.03 and its 200 day simple moving average is $9.88.

Institutional Trading of Similarweb

A number of hedge funds and other institutional investors have recently made changes to their positions in SMWB. Connor Clark & Lunn Investment Management Ltd. grew its position in Similarweb by 112.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after buying an additional 238,428 shares during the last quarter. State Street Corp grew its holdings in shares of Similarweb by 32.5% in the 3rd quarter. State Street Corp now owns 187,919 shares of the company’s stock worth $1,661,000 after acquiring an additional 46,102 shares during the last quarter. Inspire Investing LLC acquired a new position in shares of Similarweb in the 3rd quarter worth $886,000. Scalar Gauge Management LLC raised its position in shares of Similarweb by 56.8% during the second quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock worth $4,615,000 after purchasing an additional 215,221 shares during the period. Finally, Atom Investors LP lifted its holdings in shares of Similarweb by 41.1% during the third quarter. Atom Investors LP now owns 143,942 shares of the company’s stock valued at $1,272,000 after purchasing an additional 41,935 shares during the last quarter. 57.59% of the stock is currently owned by institutional investors.

Similarweb Company Profile

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.