Sei Investments Co. trimmed its stake in Perion Network Ltd. (NASDAQ:PERI – Free Report) by 31.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,265 shares of the technology company’s stock after selling 24,325 shares during the period. Sei Investments Co. owned 0.11% of Perion Network worth $1,220,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Perion Network by 18.8% in 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 purchasing an additional 624,441 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in Perion Network by 12.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,299,039 shares of the technology company’s stock worth $70,971,000 after buying an additional 260,000 shares in the last quarter. Vanguard Group Inc. increased its stake in Perion Network by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,435,197 shares of the technology company’s stock worth $43,960,000 after buying an additional 26,181 shares in the last quarter. Victory Capital Management Inc. increased its stake in Perion Network by 8.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,188,634 shares of the technology company’s stock worth $36,693,000 after buying an additional 92,665 shares in the last quarter. Finally, Meitav Investment House Ltd. increased its stake in Perion Network by 6.1% in the 4th quarter. Meitav Investment House Ltd. now owns 1,059,894 shares of the technology company’s stock worth $32,684,000 after buying an additional 61,040 shares in the last quarter. 68.12% of the stock is currently owned by hedge funds and other institutional investors.
Perion Network Stock Down 0.4 %
PERI opened at $8.44 on Friday. Perion Network Ltd. has a 52 week low of $8.14 and a 52 week high of $36.86. The firm has a 50-day simple moving average of $9.63 and a two-hundred day simple moving average of $16.84. The company has a market capitalization of $405.04 million, a PE ratio of 4.02, a price-to-earnings-growth ratio of 0.45 and a beta of 1.41.
Perion Network (NASDAQ:PERI – Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The technology company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Perion Network had a net margin of 13.94% and a return on equity of 20.70%. The business had revenue of $157.82 million during the quarter, compared to the consensus estimate of $156.96 million. As a group, sell-side analysts expect that Perion Network Ltd. will post 0.86 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the company. Needham & Company LLC lowered Perion Network from a “buy” rating to a “hold” rating in a research note on Monday, June 10th. Lake Street Capital cut their price target on Perion Network from $16.00 to $10.00 and set a “hold” rating for the company in a research note on Tuesday, June 11th. Oppenheimer lowered Perion Network from an “outperform” rating to a “market perform” rating in a research note on Monday, June 10th. Roth Capital downgraded shares of Perion Network from a “buy” rating to a “neutral” rating in a report on Tuesday, April 9th. Finally, Roth Mkm reissued a “neutral” rating and set a $13.00 price objective (down previously from $35.00) on shares of Perion Network in a report on Tuesday, April 9th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Perion Network currently has an average rating of “Hold” and a consensus target price of $21.50.
Get Our Latest Research Report on PERI
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.
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