Independent Advisor Alliance Decreases Stock Holdings in Perion Network Ltd. (NASDAQ:PERI)

Independent Advisor Alliance cut its stake in Perion Network Ltd. (NASDAQ:PERI) by 33.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,300 shares of the technology company’s stock after selling 3,660 shares during the period. Independent Advisor Alliance’s holdings in Perion Network were worth $225,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Harel Insurance Investments & Financial Services Ltd. lifted its position in Perion Network by 11.7% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,319,354 shares of the technology company’s stock valued at $102,468,000 after acquiring an additional 346,610 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd lifted its position in Perion Network by 14.2% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,651,441 shares of the technology company’s stock valued at $81,199,000 after acquiring an additional 330,000 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in 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 purchasing an additional 260,000 shares during the period. Vanguard Group Inc. increased its stake in Perion Network by 1.9% in the third quarter. Vanguard Group Inc. now owns 1,435,197 shares of the technology company’s stock valued at $43,960,000 after purchasing an additional 26,181 shares during the period. Finally, Victory Capital Management Inc. increased its stake in 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 purchasing an additional 92,665 shares during the period. 68.12% of the stock is owned by hedge funds and other institutional investors.

Perion Network Stock Performance

Shares of NASDAQ PERI opened at $11.54 on Thursday. Perion Network Ltd. has a 1 year low of $10.77 and a 1 year high of $36.86. The firm’s 50 day moving average price is $15.53 and its 200 day moving average price is $23.32. The firm has a market cap of $553.80 million, a P/E ratio of 5.50, a price-to-earnings-growth ratio of 0.40 and a beta of 1.37.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PERI shares. Roth Capital lowered shares of Perion Network from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 9th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Perion Network in a research note on Thursday, May 9th. Roth Mkm reiterated a “neutral” rating and set a $13.00 price target (down from $35.00) on shares of Perion Network in a research note on Tuesday, April 9th. StockNews.com cut shares of Perion Network from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. Finally, Lake Street Capital reissued a “hold” rating and set a $16.00 price target on shares of Perion Network in a report on Monday, April 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $25.80.

Perion Network 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.