Perion Network Ltd. (NASDAQ:PERI) Shares Acquired by Congress Asset Management Co. MA

Congress Asset Management Co. MA grew its position in Perion Network Ltd. (NASDAQ:PERI) by 9.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 841,948 shares of the technology company’s stock after purchasing an additional 69,342 shares during the period. Congress Asset Management Co. MA owned approximately 1.82% of Perion Network worth $25,991,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. boosted its position in Perion Network by 11.7% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,319,354 shares of the technology company’s stock worth $102,468,000 after purchasing an additional 346,610 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Perion Network by 12.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,299,039 shares of the technology company’s stock valued at $70,971,000 after acquiring an additional 260,000 shares in the last quarter. Renaissance Group LLC lifted its position in shares of Perion Network by 290.3% in the third quarter. Renaissance Group LLC now owns 239,220 shares of the technology company’s stock valued at $7,327,000 after acquiring an additional 177,926 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Perion Network by 8.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,188,634 shares of the technology company’s stock valued at $36,693,000 after acquiring an additional 92,665 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Perion Network in the third quarter valued at approximately $2,573,000. 68.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PERI. Oppenheimer cut Perion Network from an “outperform” rating to a “market perform” rating in a research note on Monday, June 10th. Needham & Company LLC cut Perion Network from a “buy” rating to a “hold” rating in a research note on Monday, June 10th. Lake Street Capital cut their target price on Perion Network from $16.00 to $10.00 and set a “hold” rating for the company in a research note on Tuesday, June 11th. Roth Capital lowered Perion Network from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 9th. Finally, Roth Mkm restated a “neutral” rating and set a $13.00 price target (down from $35.00) on shares of Perion Network in a research report on Tuesday, April 9th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Perion Network presently has a consensus rating of “Hold” and an average target price of $24.60.

Perion Network Stock Performance

NASDAQ PERI traded up $0.18 during trading on Friday, reaching $8.61. 974,656 shares of the company’s stock were exchanged, compared to its average volume of 1,024,042. The stock has a market cap of $413.19 million, a P/E ratio of 4.10, a price-to-earnings-growth ratio of 0.46 and a beta of 1.40. The company has a 50 day moving average price of $11.81 and a two-hundred day moving average price of $21.27. Perion Network Ltd. has a 1 year low of $8.14 and a 1 year high of $36.86.

Perion Network (NASDAQ:PERI) last posted its earnings results on Wednesday, May 8th. The technology company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $157.82 million for the quarter, compared to analyst estimates of $156.96 million. Perion Network had a return on equity of 20.70% and a net margin of 13.94%. Research analysts forecast that Perion Network Ltd. will post 0.86 EPS for the current fiscal year.

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.