Altshuler Shaham Ltd Trims Stock Holdings in Perion Network Ltd. (NASDAQ:PERI)

Altshuler Shaham Ltd lessened its holdings in Perion Network Ltd. (NASDAQ:PERI) by 98.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,028 shares of the technology company’s stock after selling 162,563 shares during the period. Altshuler Shaham Ltd’s holdings in Perion Network were worth $62,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Perion Network by 12.0% in the third quarter. Bank of New York Mellon Corp now owns 7,353 shares of the technology company’s stock valued at $225,000 after purchasing an additional 786 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Perion Network by 17.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,945 shares of the technology company’s stock valued at $397,000 after buying an additional 1,893 shares in the last quarter. Inspire Investing LLC acquired a new stake in Perion Network in the third quarter valued at $632,000. Meitav Investment House Ltd. raised its stake in Perion Network by 62.7% in the third quarter. Meitav Investment House Ltd. now owns 998,854 shares of the technology company’s stock valued at $30,644,000 after buying an additional 385,010 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Perion Network by 46.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,972,744 shares of the technology company’s stock valued at $91,055,000 after buying an additional 945,194 shares in the last quarter. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Perion Network Stock Down 3.4 %

NASDAQ PERI traded down $0.43 during mid-day trading on Thursday, hitting $12.22. The stock had a trading volume of 829,032 shares, compared to its average volume of 850,307. The company has a 50 day simple moving average of $17.65 and a 200 day simple moving average of $24.29. The company has a market cap of $586.45 million, a price-to-earnings ratio of 5.41, a P/E/G ratio of 0.40 and a beta of 1.37. Perion Network Ltd. has a 52-week low of $10.77 and a 52-week high of $36.86.

Perion Network (NASDAQ:PERI) last released its quarterly earnings data on Wednesday, February 7th. The technology company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $234.23 million for the quarter, compared to analyst estimates of $233.09 million. Perion Network had a net margin of 15.80% and a return on equity of 23.06%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 EPS. As a group, equities analysts anticipate that Perion Network Ltd. will post 1.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on PERI. StockNews.com upgraded shares of Perion Network from a “hold” rating to a “buy” rating in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Perion Network in a research note on Thursday. Roth Mkm restated a “neutral” rating and set a $13.00 price objective (down previously from $35.00) on shares of Perion Network in a research report on Tuesday, April 9th. Lake Street Capital reaffirmed a “hold” rating and issued a $16.00 target price on shares of Perion Network in a report on Monday, April 8th. Finally, Roth Capital cut shares of Perion Network from a “buy” rating to a “neutral” rating in a report on Tuesday, April 9th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.80.

Perion Network Company 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.