Perion Network (NASDAQ:PERI) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded Perion Network from “strong buy” to “hold.” Craig Hallum also moved its rating from “buy” to “hold,” while Weiss Ratings lowered its rating within the sell category.
• Analyst sentiment is mixed but averages to “Hold,” with three Buy, three Hold, and one Sell rating; the consensus price target is $13.30.
• Perion’s latest quarterly results topped expectations: earnings were $0.09 per share versus $0.08 forecast, and revenue was $98.24 million versus $96.72 million expected.

Perion Network (NASDAQ:PERI - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

Several other research firms have also issued reports on PERI. Weiss Ratings lowered Perion Network from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. Craig Hallum downgraded shares of Perion Network from a "buy" rating to a "hold" rating and set a $11.70 target price on the stock. in a research note on Monday. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Perion Network currently has a consensus rating of "Hold" and an average target price of $13.30.

Perion Network Stock Up 0.3%

NASDAQ:PERI opened at $11.45 on Tuesday. The firm has a market capitalization of $446.89 million, a PE ratio of -32.71, a price-to-earnings-growth ratio of 1.34 and a beta of 0.83. Perion Network has a 12-month low of $7.63 and a 12-month high of $11.46. The firm has a 50-day moving average price of $9.05 and a 200 day moving average price of $9.26.

Perion Network (NASDAQ:PERI - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The technology company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. Perion Network had a positive return on equity of 2.43% and a negative net margin of 2.95%. The company had revenue of $98.24 million for the quarter, compared to the consensus estimate of $96.72 million. On average, research analysts expect that Perion Network will post 0.45 EPS for the current year.

Insider Activity at Perion Network

In related news, Director Eyal Kaplan sold 2,916 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $8.72, for a total transaction of $25,427.52. Following the completion of the transaction, the director directly owned 51,226 shares in the company, valued at approximately $446,690.72. This trade represents a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 6,767 shares of company stock worth $58,970 in the last quarter. Company insiders own 2.78% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Systematic Financial Management LP increased its position in shares of Perion Network by 5.9% during the 1st quarter. Systematic Financial Management LP now owns 869,066 shares of the technology company's stock worth $8,689,000 after purchasing an additional 48,246 shares during the last quarter. Sei Investments Co. raised its stake in shares of Perion Network by 100.2% during the 1st quarter. Sei Investments Co. now owns 166,538 shares of the technology company's stock worth $1,664,000 after purchasing an additional 83,359 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Perion Network in the 1st quarter valued at approximately $1,568,000. Equitable Trust Co. boosted its holdings in shares of Perion Network by 35.6% in the 1st quarter. Equitable Trust Co. now owns 138,880 shares of the technology company's stock valued at $1,387,000 after buying an additional 36,485 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Perion Network in the 2nd quarter valued at approximately $532,000. 68.12% of the stock is owned by institutional investors and hedge funds.

About Perion Network

Perion Network Ltd. NASDAQ: PERI is an Israel-based global advertising technology company that develops solutions for advertisers, publishers and commerce platforms. Its business is focused on helping clients plan, deliver, manage and measure digital advertising campaigns across search, social media, display, video, connected television and digital out-of-home channels.

The company operates through several technology and advertising platforms. These include Undertone, which provides digital media and creative advertising solutions; CodeFuel, which focuses on search monetization and website publishing tools; and Hivestack, a programmatic platform for digital out-of-home advertising.

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