Value Base Ltd. Buys New Shares in Perion Network Ltd (NASDAQ:PERI)

Key Points

• Value Base Ltd. has acquired a significant stake in Perion Network Ltd, purchasing over 2.3 million shares valued at approximately $18.8 million, representing 12.3% of its portfolio.
• Multiple hedge funds have increased their holdings in Perion Network, indicating a growing institutional interest, as these funds own about 68.12% of the company's stock.
• Analysts are optimistic about Perion Network, with several raising their price targets, including a consensus target of $12.38 and a rating of "Moderate Buy".

Value Base Ltd. purchased a new stake in Perion Network Ltd (NASDAQ:PERI - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,309,466 shares of the technology company's stock, valued at approximately $18,799,000. Perion Network accounts for 12.3% of Value Base Ltd.'s investment portfolio, making the stock its 4th largest position. Value Base Ltd. owned 5.15% of Perion Network at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Phoenix Financial Ltd. lifted its holdings in Perion Network by 2.5% during the first quarter. Phoenix Financial Ltd. now owns 2,279,380 shares of the technology company's stock worth $18,554,000 after buying an additional 54,909 shares during the period. Sphera Management Technology Funds Ltd purchased a new stake in Perion Network during the fourth quarter worth $995,000. Systematic Financial Management LP lifted its holdings in Perion Network by 38.3% during the fourth quarter. Systematic Financial Management LP now owns 648,085 shares of the technology company's stock worth $5,489,000 after buying an additional 179,557 shares during the period. GHP Investment Advisors Inc. lifted its holdings in Perion Network by 98.3% during the first quarter. GHP Investment Advisors Inc. now owns 68,107 shares of the technology company's stock worth $554,000 after buying an additional 33,765 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Perion Network during the fourth quarter worth $755,000. Hedge funds and other institutional investors own 68.12% of the company's stock.

Perion Network Stock Performance

Shares of NASDAQ PERI traded down $0.24 during mid-day trading on Friday, hitting $10.58. The stock had a trading volume of 198,667 shares, compared to its average volume of 416,565. The company has a 50 day moving average of $10.56 and a two-hundred day moving average of $9.46. Perion Network Ltd has a twelve month low of $6.99 and a twelve month high of $11.79. The firm has a market cap of $474.30 million, a PE ratio of -62.42, a PEG ratio of 1.05 and a beta of 1.44.

Wall Street Analyst Weigh In

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

Perion Network 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.