Needham & Company LLC Reaffirms Buy Rating for Perion Network (NASDAQ:PERI)

Perion Network (NASDAQ:PERI)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $18.00 target price on the technology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 42.29% from the company’s current price.

A number of other equities analysts also recently weighed in on PERI. Lake Street Capital reaffirmed a “hold” rating and set a $16.00 price target on shares of Perion Network in a research report on Monday, April 8th. StockNews.com upgraded shares of Perion Network from a “hold” rating to a “buy” rating in a research note on Monday. Roth Capital downgraded Perion Network from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 9th. Finally, Roth Mkm restated a “neutral” rating and issued a $13.00 price target (down from $35.00) on shares of Perion Network in a research note on Tuesday, April 9th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Perion Network has a consensus rating of “Hold” and an average price target of $25.80.

Perion Network Price Performance

Shares of Perion Network stock opened at $12.65 on Thursday. Perion Network has a 1 year low of $10.77 and a 1 year high of $36.86. The company has a market capitalization of $607.09 million, a P/E ratio of 5.41, a price-to-earnings-growth ratio of 0.40 and a beta of 1.37. The business has a 50-day moving average of $17.65 and a two-hundred day moving average of $24.29.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in shares of Perion Network by 12.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,353 shares of the technology company’s stock valued at $225,000 after acquiring an additional 786 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Perion Network by 17.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,945 shares of the technology company’s stock worth $397,000 after buying an additional 1,893 shares in the last quarter. Inspire Investing LLC bought a new position in Perion Network in the 3rd quarter valued at about $632,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Perion Network by 46.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,972,744 shares of the technology company’s stock valued at $91,055,000 after buying an additional 945,194 shares in the last quarter. Finally, Y.D. More Investments Ltd bought a new stake in shares of Perion Network during the 3rd quarter worth approximately $1,347,000. 68.12% of the stock is owned by institutional investors.

Perion Network Company Profile

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.