Similarweb (NYSE:SMWB) Shares Gap Up – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $8.47, but opened at $8.88. Similarweb shares last traded at $8.4770, with a volume of 126,860 shares.

Wall Street Analysts Forecast Growth

SMWB has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of Similarweb from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Needham & Company LLC raised shares of Similarweb from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Wednesday. Wall Street Zen cut shares of Similarweb from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Barclays lifted their target price on shares of Similarweb from $5.00 to $11.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Similarweb in a report on Wednesday, August 12th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.71.

Similarweb Stock Performance

The stock has a market capitalization of $738.91 million, a P/E ratio of -33.76 and a beta of 1.21. The business has a fifty day simple moving average of $7.81 and a 200-day simple moving average of $5.05.

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

Insider Activity

In other news, CEO Or Offer sold 574,605 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $8.80, for a total transaction of $5,056,524.00. Following the transaction, the chief executive officer owned 4,598,291 shares of the company’s stock, valued at $40,464,960.80. This represents a 11.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 1,437,515 shares of company stock worth $12,534,797.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC acquired a new position in shares of Similarweb during the second quarter worth approximately $92,000. Royce & Associates LP grew its position in 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 purchasing an additional 43,078 shares during the period. Bank of America Corp DE grew its position in 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 purchasing an additional 52,863 shares during the period. S Squared Technology LLC increased its stake in Similarweb by 12.9% during the 4th quarter. S Squared Technology LLC now owns 775,161 shares of the company’s stock valued at $5,806,000 after purchasing an additional 88,489 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in Similarweb during the 4th quarter valued at $1,255,000. Institutional investors own 57.59% of the company’s stock.

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.