Perion Network (NASDAQ:PERI) Director Sells $14,719.90 in Stock

Perion Network Ltd (NASDAQ:PERI) Director Joy Marcus sold 1,690 shares of Perion Network stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $8.71, for a total value of $14,719.90. Following the completion of the transaction, the director owned 27,570 shares of the company’s stock, valued at $240,134.70. The trade was a 5.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Perion Network Stock Performance

Shares of Perion Network stock opened at $8.68 on Thursday. The business has a 50-day simple moving average of $9.24 and a 200-day simple moving average of $9.42. Perion Network Ltd has a one year low of $7.63 and a one year high of $11.27. The company has a market cap of $338.78 million, a PE ratio of -24.80, a P/E/G ratio of 1.00 and a beta of 1.13.

Perion Network (NASDAQ:PERI) last issued its quarterly earnings results on Tuesday, August 11th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Perion Network had a negative net margin of 2.95% and a positive return on equity of 2.43%. The company had revenue of $98.24 million during the quarter, compared to the consensus estimate of $96.72 million. On average, sell-side analysts predict that Perion Network Ltd will post 0.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PERI shares. Zacks Research raised shares of Perion Network from a “hold” rating to a “strong-buy” rating in a research report on Monday. Weiss Ratings cut Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.88.

Hedge Funds Weigh In On Perion Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC purchased a new stake in Perion Network in the 1st quarter valued at $1,568,000. Sei Investments Co. boosted its stake in 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 period. North Star Investment Management Corp. purchased a new position in Perion Network during the 1st quarter worth $649,000. CastleKnight Management LP grew its position in Perion Network by 13.8% during the 4th 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. Finally, Public Employees Retirement System of Ohio purchased a new position in Perion Network during the 2nd quarter worth $532,000. 68.12% of the stock is owned by institutional investors and hedge funds.

Perion Network Company Profile

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.