Perion Network Ltd. (NASDAQ:PERI) Stake Increased by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. grew its holdings in Perion Network Ltd. (NASDAQ:PERI) by 12.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,299,039 shares of the technology company’s stock after purchasing an additional 260,000 shares during the period. Perion Network makes up 1.4% of Migdal Insurance & Financial Holdings Ltd.’s portfolio, making the stock its 18th biggest position. Migdal Insurance & Financial Holdings Ltd. owned about 4.98% of Perion Network worth $70,971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PERI. Legal & General Group Plc purchased a new stake in shares of Perion Network during the third quarter worth $25,000. Ronald Blue Trust Inc. raised its holdings in Perion Network by 227.2% during the third quarter. Ronald Blue Trust Inc. now owns 1,165 shares of the technology company’s stock valued at $36,000 after buying an additional 809 shares in the last quarter. Blue Trust Inc. raised its holdings in Perion Network by 42.3% during the fourth quarter. Blue Trust Inc. now owns 1,658 shares of the technology company’s stock valued at $51,000 after buying an additional 493 shares in the last quarter. BNP Paribas Arbitrage SNC bought a new position in Perion Network during the third quarter valued at about $58,000. Finally, State of Wyoming bought a new position in Perion Network during the fourth quarter valued at about $61,000. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on PERI. Needham & Company LLC cut their target price on Perion Network from $35.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Roth Capital downgraded Perion Network from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 9th. StockNews.com downgraded Perion Network from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Lake Street Capital reaffirmed a “hold” rating and issued a $16.00 price target on shares of Perion Network in a research report on Monday, April 8th. Finally, Roth Mkm reaffirmed a “neutral” rating and issued a $13.00 price target (down from $35.00) on shares of Perion Network in a research report on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $25.80.

Perion Network Price Performance

Shares of NASDAQ:PERI traded down $0.29 during trading on Wednesday, reaching $11.60. The stock had a trading volume of 485,837 shares, compared to its average volume of 847,289. Perion Network Ltd. has a 52 week low of $11.44 and a 52 week high of $42.36. The business’s 50-day moving average price is $21.20 and its 200 day moving average price is $26.08. The stock has a market capitalization of $556.68 million, a PE ratio of 4.96, a P/E/G ratio of 0.37 and a beta of 1.24.

Perion Network (NASDAQ:PERI) last posted its earnings results on Wednesday, February 7th. The technology company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Perion Network had a net margin of 15.80% and a return on equity of 23.06%. The company had revenue of $234.23 million during the quarter, compared to analysts’ expectations of $233.09 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. Perion Network’s quarterly revenue was up 11.7% compared to the same quarter last year. Analysts forecast that Perion Network Ltd. will post 1.45 EPS for the current year.

About Perion Network

Perion Network Ltd. provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. It provides 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.