Perion Network (NASDAQ:PERI) Stock Rating Lowered by Craig Hallum

Key Points

• Craig Hallum downgraded Perion Network from “buy” to “hold,” while maintaining an $11.70 price target—about 34.5% above the prior close.
• Analyst opinions remain mixed, but MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $13.30.
• Perion exceeded quarterly expectations, reporting $0.09 in earnings per share versus $0.08 expected and $98.24 million in revenue versus the $96.72 million consensus estimate.

Perion Network (NASDAQ:PERI - Get Free Report) was downgraded by stock analysts at Craig Hallum from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. They currently have a $11.70 price target on the technology company's stock. Craig Hallum's price objective suggests a potential upside of 34.48% from the stock's previous close.

A number of other research firms also recently weighed in on PERI. Weiss Ratings downgraded shares of Perion Network from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. Zacks Research raised shares of Perion Network from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.30.

Perion Network Price Performance

Shares of Perion Network stock opened at $8.70 on Monday. Perion Network has a 52-week low of $7.63 and a 52-week high of $11.27. The company's fifty day moving average price is $8.95 and its two-hundred day moving average price is $9.23. The firm has a market capitalization of $339.56 million, a PE ratio of -24.86, a price-to-earnings-growth ratio of 1.02 and a beta of 0.83.

Perion Network (NASDAQ:PERI - Get Free Report) last posted its earnings results on Tuesday, August 11th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $98.24 million for the quarter, compared to analyst estimates of $96.72 million. Perion Network had a negative net margin of 2.95% and a positive return on equity of 2.43%. Analysts predict that Perion Network will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Perion Network news, Director Eyal Kaplan sold 2,916 shares of the business's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $8.72, for a total transaction of $25,427.52. Following the sale, the director directly owned 51,226 shares of the company's stock, valued at $446,690.72. The trade was a 5.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 6,767 shares of company stock worth $58,970. Insiders own 2.78% of the company's stock.

Institutional Trading of Perion Network

A number of hedge funds and other institutional investors have recently modified their holdings of PERI. Systematic Financial Management LP boosted its position in Perion Network by 5.9% during the first quarter. Systematic Financial Management LP now owns 869,066 shares of the technology company's stock valued at $8,689,000 after purchasing an additional 48,246 shares during the last quarter. Sei Investments Co. increased its position 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 during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Perion Network during the 1st quarter worth approximately $1,568,000. Equitable Trust Co. raised its stake in shares of Perion Network by 35.6% during the 1st quarter. Equitable Trust Co. now owns 138,880 shares of the technology company's stock worth $1,387,000 after purchasing an additional 36,485 shares in 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. Institutional investors and hedge funds own 68.12% of the company's stock.

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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