Perion Network (NASDAQ:PERI) Upgraded to Buy at Zacks Investment Research

Perion Network (NASDAQ:PERI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm currently has a $17.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.65% from the company’s current price.

According to Zacks, “Perion Network Ltd. is a global technology company that delivers online advertising solutions and search monetization to brands and publishers. Perion is committed to providing data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. The company’s largest divisions are Undertone and CodeFuel. Undertone’s synchronized digital branding solution delivers award-winning creative experiences through cohesive stories to the world’s leading brands across the most important touchpoints, screens, and platforms. CodeFuel’s search solution platform empowers publishers to create new revenue streams and unique search experience by bringing monetization to content and application developers. “

A number of other research analysts have also recently issued reports on the stock. Roth Capital lifted their price objective on shares of Perion Network from $30.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Perion Network in a research note on Wednesday, May 5th. Stifel Nicolaus started coverage on Perion Network in a research note on Tuesday, April 20th. They issued a “hold” rating and a $18.00 price objective for the company. Finally, Lake Street Capital lifted their target price on Perion Network from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, March 3rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Perion Network presently has an average rating of “Buy” and an average price target of $20.71.

PERI stock opened at $14.70 on Thursday. The stock’s 50 day simple moving average is $16.93 and its 200 day simple moving average is $14.84. The company has a market cap of $497.62 million, a P/E ratio of 54.44, a price-to-earnings-growth ratio of 3.85 and a beta of 1.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.03 and a current ratio of 1.03. Perion Network has a fifty-two week low of $4.21 and a fifty-two week high of $28.32.

Perion Network (NASDAQ:PERI) last issued its earnings results on Tuesday, May 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.06. Perion Network had a return on equity of 6.21% and a net margin of 2.47%. Equities analysts predict that Perion Network will post 0.28 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of PERI. Private Capital Management LLC boosted its stake in shares of Perion Network by 10.9% in the 4th quarter. Private Capital Management LLC now owns 2,262,268 shares of the technology company’s stock worth $28,799,000 after buying an additional 223,051 shares during the last quarter. Renaissance Technologies LLC boosted its position in Perion Network by 1.4% in the first quarter. Renaissance Technologies LLC now owns 2,033,373 shares of the technology company’s stock worth $36,397,000 after purchasing an additional 28,000 shares during the last quarter. Federated Hermes Inc. bought a new position in Perion Network in the 1st quarter valued at $15,897,000. ARK Investment Management LLC increased its position in shares of Perion Network by 107.3% during the 1st quarter. ARK Investment Management LLC now owns 451,724 shares of the technology company’s stock valued at $8,086,000 after purchasing an additional 233,818 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Perion Network by 3,825.9% during the 1st quarter. UBS Group AG now owns 434,710 shares of the technology company’s stock valued at $7,781,000 after purchasing an additional 423,637 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Perion Network Company Profile

Perion Network Ltd. delivers advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. It provides Wildfire, a content monetization platform; search monetization solutions; actionable performance monitoring platform, a cross-channel social software as a service platform that lifts return on ad spend; and Smilebox, which enables people to tell the stories of their lives with customizable eCards, slideshows, invitations, collages, and other solution.

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