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

Similarweb Ltd. (NYSE:SMWB) shares gapped down before the market opened on Tuesday . The stock had previously closed at $12.80, but opened at $11.86. Similarweb shares last traded at $12.50, with a volume of 225,872 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SMWB. Northland Securities raised their price objective on Similarweb from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Tuesday. JMP Securities raised their price objective on Similarweb from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Similarweb in a research report on Wednesday, August 7th. Needham & Company LLC increased their target price on Similarweb from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of Similarweb in a research report on Monday, September 9th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $13.14.

Similarweb Price Performance

The company has a market capitalization of $978.32 million, a price-to-earnings ratio of -116.55 and a beta of 0.84. The business has a fifty day moving average price of $9.47 and a 200 day moving average price of $8.37.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC boosted its stake in Similarweb by 4.4% during the second quarter. Cubist Systematic Strategies LLC now owns 51,272 shares of the company’s stock valued at $398,000 after buying an additional 2,138 shares in the last quarter. California State Teachers Retirement System boosted its stake in Similarweb by 10.1% during the first quarter. California State Teachers Retirement System now owns 26,892 shares of the company’s stock valued at $242,000 after buying an additional 2,475 shares in the last quarter. XTX Topco Ltd boosted its stake in Similarweb by 9.0% during the third quarter. XTX Topco Ltd now owns 53,980 shares of the company’s stock valued at $477,000 after buying an additional 4,453 shares in the last quarter. Legato Capital Management LLC boosted its stake in Similarweb by 4.5% during the second quarter. Legato Capital Management LLC now owns 102,987 shares of the company’s stock valued at $800,000 after buying an additional 4,455 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Similarweb by 4.3% during the second quarter. Renaissance Technologies LLC now owns 110,600 shares of the company’s stock valued at $859,000 after buying an additional 4,599 shares in the last quarter. 57.59% of the stock is owned by institutional investors and hedge funds.

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.