Key Points
- Director Joy Marcus sold 1,690 Perion Network shares at an average price of $8.71, generating $14,719.90. The sale reduced her holdings by 5.78% and was made to cover tax withholding on vested equity awards.
- Perion reported quarterly revenue of $98.24 million and adjusted earnings of $0.09 per share, exceeding analysts’ estimates of $96.72 million and $0.08, respectively.
- The stock opened at $8.51, while analysts maintained a “Moderate Buy” consensus with an average price target of $13.88; institutional investors own 68.12% of the shares.
Perion Network Ltd (NASDAQ:PERI - Get Free Report) Director Joy Marcus sold 1,690 shares of the company's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $8.71, for a total transaction of $14,719.90. Following the sale, 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 legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Perion Network Stock Up 0.1%
PERI stock opened at $8.51 on Tuesday. Perion Network Ltd has a twelve month low of $7.63 and a twelve month high of $11.27. The company has a market cap of $332.15 million, a P/E ratio of -24.31, a price-to-earnings-growth ratio of 0.99 and a beta of 1.13. The business's fifty day moving average is $9.28 and its 200-day moving average is $9.42.
Perion Network (NASDAQ:PERI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. Perion Network had a positive return on equity of 2.43% and a negative net margin of 2.95%.The business had revenue of $98.24 million during the quarter, compared to analysts' expectations of $96.72 million. Research analysts anticipate that Perion Network Ltd will post 0.45 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Perion Network by 698.9% in the first quarter. Royal Bank of Canada now owns 10,170 shares of the technology company's stock worth $102,000 after acquiring an additional 8,897 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Perion Network by 21.9% in the 1st quarter. SG Americas Securities LLC now owns 12,190 shares of the technology company's stock valued at $122,000 after purchasing an additional 2,186 shares during the period. Bank of America Corp DE increased its stake 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 worth $245,000 after purchasing an additional 12,317 shares in the last quarter. Headlands Technologies LLC increased its stake in Perion Network by 282.5% during the 2nd quarter. Headlands Technologies LLC now owns 39,577 shares of the technology company's stock worth $384,000 after purchasing an additional 29,231 shares in the last quarter. Finally, Y.D. More Investments Ltd raised its holdings in Perion Network by 29.6% during the 1st quarter. Y.D. More Investments Ltd now owns 50,002 shares of the technology company's stock worth $503,000 after buying an additional 11,435 shares during the period. 68.12% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Separately, Weiss Ratings cut Perion Network from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $13.88.
Get Our Latest Research Report on Perion Network
About Perion Network
(
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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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