Perion Network (NASDAQ:PERI) Stock Rating Lowered by Craig Hallum

Perion Network (NASDAQ:PERI) was downgraded by analysts at Craig Hallum from a “buy” rating to a “hold” rating in a report issued on Monday, Marketbeat.com reports. They presently have a $11.70 target price on the technology company’s stock. Craig Hallum‘s price target indicates a potential upside of 34.48% from the company’s previous close.

PERI has been the subject of several other reports. Weiss Ratings cut Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Zacks Research raised shares of Perion Network from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.30.

Perion Network Stock Performance

Shares of PERI stock opened at $8.70 on Monday. The firm’s 50-day moving average is $8.95 and its 200-day moving average is $9.23. The stock has a market cap of $339.56 million, a price-to-earnings ratio of -24.86, a PEG ratio of 1.02 and a beta of 0.83. Perion Network has a 52-week low of $7.63 and a 52-week high of $11.27.

Perion Network (NASDAQ:PERI) last issued its earnings results on Tuesday, August 11th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate 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 company had revenue of $98.24 million during the quarter, compared to the consensus estimate of $96.72 million. Sell-side analysts predict that Perion Network will post 0.45 EPS for the current fiscal year.

Insider Activity

In other Perion Network news, Director Eyal Kaplan sold 2,916 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director owned 51,226 shares in the company, valued at approximately $446,690.72. This trade represents a 5.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 6,767 shares of company stock worth $58,970 over the last ninety days. 2.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Perion Network

Several hedge funds and other institutional investors have recently bought and sold shares of PERI. Systematic Financial Management LP raised 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 worth $8,689,000 after buying an additional 48,246 shares during the period. Sei Investments Co. boosted its holdings in Perion Network by 100.2% in the first quarter. Sei Investments Co. now owns 166,538 shares of the technology company’s stock worth $1,664,000 after acquiring an additional 83,359 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Perion Network in the first quarter valued at approximately $1,568,000. Equitable Trust Co. lifted its holdings in shares of Perion Network by 35.6% in the first quarter. Equitable Trust Co. now owns 138,880 shares of the technology company’s stock valued at $1,387,000 after purchasing an additional 36,485 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Perion Network during the second quarter valued at approximately $532,000. 68.12% of the stock is owned by institutional investors.

About Perion Network

Perion Network Ltd. (NASDAQ: PERI) is an Israel-based global advertising technology company that develops solutions for advertisers, publishers and commerce platforms. Its business is focused on helping clients plan, deliver, manage and measure digital advertising campaigns across search, social media, display, video, connected television and digital out-of-home channels.

The company operates through several technology and advertising platforms. These include Undertone, which provides digital media and creative advertising solutions; CodeFuel, which focuses on search monetization and website publishing tools; and Hivestack, a programmatic platform for digital out-of-home advertising.