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

Perion Network Ltd. (NASDAQ:PERI)’s share price gapped up before the market opened 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 changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PERI shares. Roth Capital cut shares of Perion Network from a “buy” rating to a “neutral” rating in a report on Tuesday, April 9th. Lake Street Capital reissued a “hold” rating and issued a $16.00 price objective on shares of Perion Network in a research note on Monday, April 8th. Roth Mkm reaffirmed a “neutral” rating and set a $13.00 target price (down previously from $35.00) on shares of Perion Network in a research report on Tuesday, April 9th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Perion Network in a research report on Thursday. Finally, StockNews.com raised shares of Perion Network from a “hold” rating to a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $25.80.

Perion Network Stock Down 3.4 %

The firm has a market cap of $586.45 million, a P/E ratio of 5.22, a price-to-earnings-growth ratio of 0.40 and a beta of 1.37. The stock’s 50-day moving average is $17.44 and its 200-day moving average is $24.21.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings data on Wednesday, February 7th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping 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 company had revenue of $234.23 million for the quarter, compared to the consensus estimate of $233.09 million. During the same quarter in the previous year, the firm posted $0.84 EPS. The business’s revenue was up 11.7% compared to the same quarter last year. As a group, analysts expect that Perion Network Ltd. will post 1.45 EPS for the current fiscal year.

Institutional Trading of Perion Network

Institutional investors have recently modified their holdings of the company. Naples Money Management LLC bought a new position in Perion Network in the fourth quarter worth $29,000. Principal Securities Inc. bought a new position in shares of Perion Network during the 4th quarter worth about $49,000. Blue Trust Inc. boosted its position in shares of Perion Network by 42.3% during the 4th quarter. Blue Trust Inc. now owns 1,658 shares of the technology company’s stock valued at $51,000 after acquiring an additional 493 shares in the last quarter. AllSquare Wealth Management LLC increased its stake in Perion Network by 154.5% in the third quarter. AllSquare Wealth Management LLC now owns 5,600 shares of the technology company’s stock valued at $172,000 after acquiring an additional 3,400 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Perion Network by 16.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,105 shares of the technology company’s stock worth $188,000 after purchasing an additional 847 shares in the last quarter. Institutional investors and hedge funds own 68.12% of the company’s stock.

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.