Wall Street Zen Upgrades Similarweb (NYSE:SMWB) to “Strong-Buy”

Similarweb (NYSE:SMWB) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other research firms have also issued reports on SMWB. Zacks Research raised shares of Similarweb from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Needham & Company LLC upgraded Similarweb from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Wednesday, September 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Similarweb in a report on Wednesday, August 12th. Northland Securities raised Similarweb from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $5.00 to $10.00 in a report on Wednesday, August 12th. Finally, Citigroup increased their price target on Similarweb from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $9.71.

Similarweb Stock Performance

Shares of NYSE SMWB opened at $8.79 on Friday. The company’s fifty day moving average price is $8.47 and its 200 day moving average price is $6.17. Similarweb has a 1 year low of $2.22 and a 1 year high of $9.50. The company has a market capitalization of $770.00 million, a PE ratio of -35.16 and a beta of 1.30.

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

Insider Activity at Similarweb

In related news, CEO Or Offer sold 114,300 shares of the company’s stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $7.69, for a total transaction of $878,967.00. Following the completion of the transaction, the chief executive officer owned 3,930,481 shares in the company, valued at $30,225,398.89. This represents a 2.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,760,534 shares of company stock worth $15,163,145 over the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new stake in Similarweb during the 2nd quarter worth approximately $92,000. Wellington Management Group LLP raised its holdings in shares of Similarweb by 22.2% during the second quarter. Wellington Management Group LLP now owns 3,624,685 shares of the company’s stock valued at $22,219,000 after acquiring an additional 657,928 shares during the last quarter. Militia Capital Management LLC purchased a new position in shares of Similarweb in the first quarter valued at approximately $616,000. Lavelle Capital LP purchased a new position in shares of Similarweb in the first quarter valued at approximately $529,000. Finally, Bank of America Corp DE lifted its position in shares of Similarweb by 475.3% in the first quarter. Bank of America Corp DE now owns 63,985 shares of the company’s stock valued at $167,000 after acquiring an additional 52,863 shares in the last quarter. 57.59% of the stock is owned by hedge funds and other institutional investors.

About Similarweb

Similarweb Ltd. (NYSE: SMWB) provides digital data and market intelligence through a software-as-a-service platform. The company collects and analyzes data on website and mobile application activity to help organizations understand online audiences, markets, competitors and customer behavior.

Its products support digital marketing, search engine optimization, sales and business development, market research, investor research, e-commerce and shopper intelligence. Customers can use Similarweb’s platform to evaluate traffic sources, audience engagement, keyword performance, industry trends and competitive positioning across digital channels.

Similarweb serves enterprises, advertising and marketing agencies, financial institutions, publishers and other organizations in markets around the world.