Perion Network (NASDAQ:PERI) Shares Gap Up to $12.71

Shares of Perion Network Ltd. (NASDAQ:PERI) gapped up prior to trading on Wednesday . The stock had previously closed at $12.71, but opened at $13.35. Perion Network shares last traded at $12.49, with a volume of 508,484 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on PERI shares. Roth Mkm restated a “neutral” rating and set a $13.00 price objective (down from $35.00) on shares of Perion Network in a research note on Tuesday, April 9th. Roth Capital cut Perion Network from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 9th. StockNews.com upgraded Perion Network from a “hold” rating to a “buy” rating in a research note on Monday. Lake Street Capital restated a “hold” rating and issued a $16.00 price target on shares of Perion Network in a research note on Monday, April 8th. Finally, Needham & Company LLC reduced their price objective on shares of Perion Network from $35.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.80.

Perion Network Trading Down 0.7 %

The firm has a market capitalization of $605.63 million, a P/E ratio of 5.43, a P/E/G ratio of 0.40 and a beta of 1.37. The company has a 50 day moving average of $17.85 and a 200-day moving average of $24.37.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PERI. Atomi Financial Group Inc. increased its stake in Perion Network by 29.7% during the 1st quarter. Atomi Financial Group Inc. now owns 12,640 shares of the technology company’s stock worth $284,000 after acquiring an additional 2,896 shares during the period. GSA Capital Partners LLP bought a new position in shares of Perion Network in the first quarter worth $820,000. Wakefield Asset Management LLLP raised its stake in Perion Network by 39.0% in the first quarter. Wakefield Asset Management LLLP now owns 40,087 shares of the technology company’s stock valued at $901,000 after purchasing an additional 11,254 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Perion Network during the first quarter worth about $812,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Perion Network by 18.8% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,943,795 shares of the technology company’s stock worth $88,657,000 after acquiring an additional 624,441 shares during the period. 68.12% of the stock is owned by institutional investors.

About Perion Network

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.