Zacks Research cut shares of Perion Network (NASDAQ:PERI – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks reports.
A number of other analysts also recently commented on the stock. Weiss Ratings downgraded shares of Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Craig Hallum downgraded Perion Network from a “buy” rating to a “hold” rating and set a $11.70 target price for the company. in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Perion Network has an average rating of “Hold” and a consensus price target of $13.30.
View Our Latest Analysis on PERI
Perion Network Stock Up 0.3%
NASDAQ:PERI opened at $11.45 on Tuesday. The business’s 50-day moving average price is $9.05 and its 200 day moving average price is $9.26. Perion Network has a 52-week low of $7.63 and a 52-week high of $11.46. The firm has a market cap of $446.89 million, a P/E ratio of -32.71, a PEG ratio of 1.34 and a beta of 0.83.
Perion Network (NASDAQ:PERI – Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Perion Network had a negative net margin of 2.95% and a positive return on equity of 2.43%. The company had revenue of $98.24 million during the quarter, compared to the consensus estimate of $96.72 million. Sell-side analysts expect that Perion Network will post 0.45 EPS for the current year.
Insider Activity at Perion Network
In related news, Director Eyal Kaplan sold 2,916 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $8.72, for a total value of $25,427.52. Following the completion of the transaction, the director owned 51,226 shares of the company’s stock, valued at approximately $446,690.72. This trade represents a 5.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 6,767 shares of company stock valued at $58,970. 2.78% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Perion Network
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new stake in shares of Perion Network in the first quarter valued at $1,568,000. Sei Investments Co. boosted its position in shares of Perion Network by 100.2% in the first quarter. Sei Investments Co. now owns 166,538 shares of the technology company’s stock worth $1,664,000 after buying an additional 83,359 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Perion Network during the second quarter valued at $532,000. Systematic Financial Management LP grew its holdings in shares of Perion Network by 5.9% during the first quarter. Systematic Financial Management LP now owns 869,066 shares of the technology company’s stock valued at $8,689,000 after buying an additional 48,246 shares in the last quarter. Finally, Equitable Trust Co. grew its holdings in shares of Perion Network by 35.6% during the first quarter. Equitable Trust Co. now owns 138,880 shares of the technology company’s stock valued at $1,387,000 after buying an additional 36,485 shares in the last quarter. 68.12% of the stock is currently owned by hedge funds and other institutional investors.
About Perion Network
Perion Network Ltd. (NASDAQ: PERI) is an Israel-based global advertising technology company that develops solutions for advertisers, publishers and commerce platforms. Its business is focused on helping clients plan, deliver, manage and measure digital advertising campaigns across search, social media, display, video, connected television and digital out-of-home channels.
The company operates through several technology and advertising platforms. These include Undertone, which provides digital media and creative advertising solutions; CodeFuel, which focuses on search monetization and website publishing tools; and Hivestack, a programmatic platform for digital out-of-home advertising.
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