Insider Selling: Perion Network (NASDAQ:PERI) Director Sells 2,916 Shares of Company Stock

Key Points

• Perion Network director Eyal Kaplan sold 2,916 shares at an average price of $8.72, receiving $25,427.52. The sale covered tax withholding obligations tied to vested equity awards and reduced his holdings by 5.39% to 51,226 shares.
• Perion reported quarterly EPS of $0.09, exceeding the $0.08 analyst estimate, while revenue of $98.24 million also surpassed expectations. Analysts forecast full-year EPS of $0.45.
• Institutional investors own 68.12% of Perion’s stock, and the company has an overall “Moderate Buy” analyst rating with an average price target of $13.88, despite one recent downgrade to “sell.”

Perion Network Ltd (NASDAQ:PERI - Get Free Report) Director Eyal Kaplan sold 2,916 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $8.72, for a total transaction of $25,427.52. Following the transaction, the director owned 51,226 shares in the company, valued at $446,690.72. This trade represents a 5.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Perion Network Stock Performance

Shares of PERI opened at $8.50 on Monday. The company's fifty day simple moving average is $9.30 and its 200-day simple moving average is $9.42. The company has a market cap of $331.75 million, a P/E ratio of -24.29, a P/E/G ratio of 0.99 and a beta of 1.13. Perion Network Ltd has a twelve month low of $7.63 and a twelve month high of $11.27.

Perion Network (NASDAQ:PERI - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The technology company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. The firm had revenue of $98.24 million during the quarter, compared to analysts' expectations 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 Ltd will post 0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Perion Network

A number of hedge funds have recently added to or reduced their stakes in PERI. Headlands Technologies LLC boosted its holdings in shares of Perion Network by 282.5% in the second quarter. Headlands Technologies LLC now owns 39,577 shares of the technology company's stock valued at $384,000 after purchasing an additional 29,231 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Perion Network during the 2nd quarter worth $532,000. Bank of America Corp DE raised its position in Perion Network by 101.3% during the 1st quarter. Bank of America Corp DE now owns 24,480 shares of the technology company's stock valued at $245,000 after purchasing an additional 12,317 shares in the last quarter. Royal Bank of Canada raised its position in Perion Network by 698.9% during the 1st quarter. Royal Bank of Canada now owns 10,170 shares of the technology company's stock valued at $102,000 after purchasing an additional 8,897 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Perion Network in the 1st quarter worth $1,568,000. 68.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings cut Perion Network from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 25th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Perion Network presently has an average rating of "Moderate Buy" and an average price target of $13.88.

About Perion Network

Perion Network Ltd. is a global advertising technology company that develops and operates digital advertising solutions for brands, agencies, publishers and retailers. Its technology supports campaign planning, audience targeting, media buying, creative delivery and performance measurement across multiple digital channels, including search, social, display, video, connected television and retail media.

The company's businesses have included Undertone, which provides digital advertising and creative solutions; Hivestack, a platform for programmatic digital out-of-home advertising; and other technology and media offerings designed to help advertisers reach audiences and help publishers monetize their content.

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