Phoenix Financial Ltd. Purchases 54,909 Shares of Perion Network Ltd (NASDAQ:PERI)

Key Points

• Phoenix Financial Ltd. has increased its stake in Perion Network Ltd. by 2.5%, owning approximately 2,279,380 shares valued at $18,554,000, as reported in its recent SEC filing.
• A variety of institutional investors, including Systematic Financial Management LP and Clearline Capital LP, have significantly boosted their holdings in Perion Network during the 4th quarter, reflecting increased investor interest.
• Recent analyst reports have upgraded Perion Network's ratings, with a consensus rating of "Moderate Buy" and a price target of $12.38, indicating a positive outlook for the stock.

Phoenix Financial Ltd. grew its holdings in Perion Network Ltd (NASDAQ:PERI - Free Report) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,279,380 shares of the technology company's stock after buying an additional 54,909 shares during the period. Phoenix Financial Ltd. owned 5.09% of Perion Network worth $18,554,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PERI. Systematic Financial Management LP lifted its holdings in Perion Network by 38.3% during the 4th quarter. Systematic Financial Management LP now owns 648,085 shares of the technology company's stock worth $5,489,000 after purchasing an additional 179,557 shares during the last quarter. Sphera Management Technology Funds Ltd acquired a new stake in Perion Network during the 4th quarter worth approximately $995,000. Arrowstreet Capital Limited Partnership acquired a new stake in Perion Network during the 4th quarter worth approximately $755,000. ExodusPoint Capital Management LP acquired a new stake in Perion Network during the 4th quarter worth approximately $615,000. Finally, Clearline Capital LP lifted its holdings in Perion Network by 20.5% during the 4th quarter. Clearline Capital LP now owns 339,705 shares of the technology company's stock worth $2,877,000 after purchasing an additional 57,880 shares during the last quarter. 68.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PERI has been the subject of several research reports. Lake Street Capital lifted their price target on Perion Network from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Needham & Company LLC reissued a "hold" rating on shares of Perion Network in a report on Wednesday, May 14th. Wall Street Zen raised Perion Network from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Roth Mkm raised Perion Network from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $9.00 to $14.00 in a report on Wednesday, May 14th. Finally, Roth Capital set a $14.00 price target on Perion Network in a research note on Wednesday, May 14th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Perion Network Stock Down 2.2%

Shares of PERI traded down $0.25 during midday trading on Tuesday, hitting $10.96. The company's stock had a trading volume of 75,617 shares, compared to its average volume of 419,763. Perion Network Ltd has a one year low of $6.99 and a one year high of $11.79. The company's fifty day simple moving average is $10.55 and its two-hundred day simple moving average is $9.42. The stock has a market capitalization of $491.11 million, a price-to-earnings ratio of -64.44, a price-to-earnings-growth ratio of 1.08 and a beta of 1.44.

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.