Insider Selling: Perion Network (NASDAQ:PERI) Director Sells $25,427.52 in Stock

Perion Network Ltd (NASDAQ:PERI) Director Eyal Kaplan sold 2,916 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $8.72, for a total value of $25,427.52. Following the completion of the sale, the director owned 51,226 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed 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 stock opened at $8.68 on Thursday. Perion Network Ltd has a fifty-two week low of $7.63 and a fifty-two week high of $11.27. The firm has a market capitalization of $338.78 million, a price-to-earnings ratio of -24.80, a PEG ratio of 1.00 and a beta of 1.13. The stock’s 50-day simple moving average is $9.24 and its 200-day simple moving average is $9.42.

Perion Network (NASDAQ:PERI) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $98.24 million during 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%. As a group, equities analysts forecast that Perion Network Ltd will post 0.45 earnings per share for the current year.

Hedge Funds Weigh In On Perion Network

Institutional investors have recently bought and sold shares of the business. Systematic Financial Management LP lifted its stake in Perion Network by 5.9% during the 1st quarter. Systematic Financial Management LP now owns 869,066 shares of the technology company’s stock valued at $8,689,000 after acquiring an additional 48,246 shares during the period. CastleKnight Management LP raised its holdings in shares of Perion Network by 13.8% during the fourth quarter. CastleKnight Management LP now owns 479,020 shares of the technology company’s stock worth $4,589,000 after purchasing an additional 58,000 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Perion Network by 100.2% during the first 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 acquired a new position in Perion Network during the first quarter valued at $1,568,000. Finally, Perkins Capital Management Inc. lifted its position in Perion Network by 13.4% during the first quarter. Perkins Capital Management Inc. now owns 156,865 shares of the technology company’s stock valued at $1,567,000 after purchasing an additional 18,490 shares during the period. 68.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on PERI. Zacks Research upgraded shares of Perion Network from a “hold” rating to a “strong-buy” rating in a research note on Monday. Weiss Ratings downgraded Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.