Perion Network Ltd. (NASDAQ:PERI) Position Cut by Invenomic Capital Management LP

Invenomic Capital Management LP trimmed its holdings in Perion Network Ltd. (NASDAQ:PERI) by 13.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 295,808 shares of the technology company’s stock after selling 45,635 shares during the quarter. Invenomic Capital Management LP’s holdings in Perion Network were worth $2,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in Perion Network during the 4th quarter valued at $41,000. SBI Securities Co. Ltd. bought a new position in Perion Network during the 4th quarter valued at $45,000. Perritt Capital Management Inc bought a new position in Perion Network during the 4th quarter valued at $127,000. Orion Portfolio Solutions LLC boosted its stake in Perion Network by 8.5% during the 4th quarter. Orion Portfolio Solutions LLC now owns 34,707 shares of the technology company’s stock valued at $294,000 after purchasing an additional 2,711 shares in the last quarter. Finally, Fox Run Management L.L.C. boosted its stake in Perion Network by 146.0% during the 4th quarter. Fox Run Management L.L.C. now owns 36,712 shares of the technology company’s stock valued at $311,000 after purchasing an additional 21,790 shares in the last quarter. 68.12% of the stock is owned by institutional investors.

Perion Network Price Performance

Shares of NASDAQ:PERI opened at $9.66 on Monday. Perion Network Ltd. has a fifty-two week low of $7.00 and a fifty-two week high of $12.74. The business has a 50-day moving average of $8.47 and a two-hundred day moving average of $8.66. The stock has a market capitalization of $433.01 million, a P/E ratio of 37.16, a P/E/G ratio of 0.76 and a beta of 1.47.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings data on Wednesday, February 19th. The technology company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Perion Network had a return on equity of 5.55% and a net margin of 2.53%. The business had revenue of $129.58 million during the quarter, compared to the consensus estimate of $130.44 million. As a group, research analysts expect that Perion Network Ltd. will post 0.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PERI. StockNews.com raised Perion Network from a “sell” rating to a “hold” rating in a research note on Thursday, May 1st. Needham & Company LLC reissued a “hold” rating on shares of Perion Network in a research note on Thursday, April 17th. Finally, Lake Street Capital reissued a “buy” rating and set a $10.50 price objective (down from $11.00) on shares of Perion Network in a research note on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Perion Network has an average rating of “Hold” and a consensus price target of $9.00.

Perion Network Company Profile

Perion Network Ltd. provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. It offers Wildfire, a content monetization platform; search monetization solutions, including website monetization, search mediation, and app monetization; and cross-channel digital advertising software as a service platform.