Needham & Company LLC Reiterates “Buy” Rating for Similarweb (NYSE:SMWB)

Similarweb (NYSE:SMWB)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $14.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 7.78% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Northland Capmk upgraded Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. JMP Securities lifted their price target on Similarweb from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 14th. Citigroup increased their price objective on shares of Similarweb from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. William Blair restated an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Finally, Northland Securities increased their price target on shares of Similarweb from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $13.50.

Similarweb Stock Performance

Shares of SMWB opened at $12.99 on Wednesday. Similarweb has a twelve month low of $4.91 and a twelve month high of $13.52. The firm’s 50-day moving average is $10.52 and its two-hundred day moving average is $8.80.

Hedge Funds Weigh In On Similarweb

Institutional investors and hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Similarweb by 112.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock valued at $3,977,000 after acquiring an additional 238,428 shares during the last quarter. Inspire Investing LLC purchased a new stake in shares of Similarweb in the third quarter valued at $886,000. Scalar Gauge Management LLC increased its stake in Similarweb by 56.8% in the second quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock valued at $4,615,000 after purchasing an additional 215,221 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in Similarweb by 4.4% during the second quarter. Cubist Systematic Strategies LLC now owns 51,272 shares of the company’s stock worth $398,000 after buying an additional 2,138 shares during the period. Finally, Atom Investors LP boosted its stake in Similarweb by 41.1% in the 3rd quarter. Atom Investors LP now owns 143,942 shares of the company’s stock worth $1,272,000 after buying an additional 41,935 shares during the last quarter. Hedge funds and other institutional investors own 57.59% of the company’s stock.

About Similarweb

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.