Similarweb (NYSE:SMWB) Shares Gap Down After Earnings Miss

Similarweb Ltd. (NYSE:SMWB)’s share price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $16.78, but opened at $10.67. Similarweb shares last traded at $10.98, with a volume of 2,330,619 shares traded.

The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Similarweb had a negative return on equity of 44.83% and a negative net margin of 3.92%.

Analysts Set New Price Targets

SMWB has been the topic of several recent analyst reports. Northland Securities increased their price objective on Similarweb from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Similarweb in a research note on Thursday, January 16th. JMP Securities restated a “market outperform” rating and issued a $17.00 price objective on shares of Similarweb in a research note on Wednesday, December 11th. The Goldman Sachs Group started coverage on shares of Similarweb in a report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 target price for the company. Finally, William Blair reissued an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. Nine investment 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 presently has an average rating of “Buy” and an average target price of $16.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMWB. Jennison Associates LLC bought a new position in Similarweb in the 4th quarter valued at $26,059,000. Y.D. More Investments Ltd grew its position in shares of Similarweb by 6.3% during the 4th quarter. Y.D. More Investments Ltd now owns 1,449,634 shares of the company’s stock worth $20,541,000 after buying an additional 86,500 shares in the last quarter. Scalar Gauge Management LLC grew its position in shares of Similarweb by 45.5% during the 3rd quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock worth $7,637,000 after buying an additional 270,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Similarweb by 50.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 677,465 shares of the company’s stock worth $9,600,000 after buying an additional 227,569 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new position in shares of Similarweb during the 4th quarter worth $6,090,000. Institutional investors own 57.59% of the company’s stock.

Similarweb Trading Down 35.9 %

The business has a 50-day moving average price of $14.95 and a 200-day moving average price of $11.21. The firm has a market cap of $870.46 million, a P/E ratio of -97.79 and a beta of 0.99.

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.