Perion Network (NASDAQ:PERI) Rating Lowered to “Hold” at Zacks Research

Perion Network (NASDAQ:PERI) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other equities research analysts also recently commented on PERI. Weiss Ratings downgraded Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Craig Hallum cut shares of Perion Network from a “buy” rating to a “hold” rating and set a $11.70 price target on the stock. in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.30.

Perion Network Trading Up 0.3%

Shares of PERI stock opened at $11.45 on Tuesday. The company has a market cap of $446.89 million, a price-to-earnings ratio of -32.71, a price-to-earnings-growth ratio of 1.34 and a beta of 0.83. The stock has a 50 day simple moving average of $9.05 and a 200-day simple moving average of $9.26. Perion Network has a 12-month low of $7.63 and a 12-month high of $11.46.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings results on Tuesday, August 11th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. Perion Network had a positive return on equity of 2.43% and a negative net margin of 2.95%. The business had revenue of $98.24 million during the quarter, compared to analysts’ expectations of $96.72 million. On average, equities analysts forecast that Perion Network will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling 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 stock was sold at an average price of $8.72, for a total value of $25,427.52. Following the completion of the transaction, the director directly owned 51,226 shares of the company’s stock, valued at $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 available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 6,767 shares of company stock valued at $58,970. Corporate insiders own 2.78% of the company’s stock.

Hedge Funds Weigh In On Perion Network

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Perion Network by 698.9% in the first quarter. Royal Bank of Canada now owns 10,170 shares of the technology company’s stock valued at $102,000 after buying an additional 8,897 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Perion Network by 21.9% during the 1st quarter. SG Americas Securities LLC now owns 12,190 shares of the technology company’s stock worth $122,000 after buying an additional 2,186 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Perion Network by 101.3% during the 1st quarter. Bank of America Corp DE now owns 24,480 shares of the technology company’s stock worth $245,000 after buying an additional 12,317 shares during the last quarter. Headlands Technologies LLC raised its stake in shares of Perion Network by 282.5% during the 2nd quarter. Headlands Technologies LLC now owns 39,577 shares of the technology company’s stock worth $384,000 after buying an additional 29,231 shares during the last quarter. Finally, Y.D. More Investments Ltd boosted its position in shares of Perion Network by 29.6% in the 1st quarter. Y.D. More Investments Ltd now owns 50,002 shares of the technology company’s stock worth $503,000 after buying an additional 11,435 shares in the last quarter. 68.12% of the stock is owned by institutional investors and hedge funds.

Perion Network Company Profile

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.