Perion Network (NASDAQ:PERI) Posts Earnings Results, Meets Estimates

Perion Network (NASDAQ:PERI) announced its quarterly earnings results on Wednesday. The technology company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11, reports. The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $99.93 million. Perion Network had a return on equity of 10.91% and a net margin of 7.81%. Perion Network updated its FY 2024 guidance to EPS.

Perion Network Stock Performance

Shares of NASDAQ:PERI traded down $0.14 during midday trading on Friday, reaching $8.89. 361,136 shares of the company’s stock traded hands, compared to its average volume of 318,091. Perion Network has a one year low of $7.47 and a one year high of $32.99. The stock has a 50 day moving average of $8.13 and a 200 day moving average of $9.26. The company has a market cap of $420.56 million, a price-to-earnings ratio of 9.56, a P/E/G ratio of 0.45 and a beta of 1.47.

Analyst Upgrades and Downgrades

Several brokerages have commented on PERI. Lake Street Capital upgraded shares of Perion Network from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a report on Wednesday, July 31st. Needham & Company LLC reissued a “hold” rating on shares of Perion Network in a research report on Thursday. Finally, Stifel Nicolaus reduced their price objective on Perion Network from $9.00 to $7.50 and set a “hold” rating for the company in a research report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Perion Network currently has an average rating of “Hold” and a consensus target price of $12.13.

Hedge Funds Weigh In On Perion Network

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Pitcairn Co. raised its holdings in shares of Perion Network by 9.0% during the first quarter. Pitcairn Co. now owns 12,406 shares of the technology company’s stock valued at $279,000 after purchasing an additional 1,027 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Perion Network by 9.7% during the 2nd quarter. Van ECK Associates Corp now owns 16,540 shares of the technology company’s stock valued at $138,000 after buying an additional 1,468 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Perion Network by 17.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,244 shares of the technology company’s stock worth $128,000 after buying an additional 2,299 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in shares of Perion Network by 29.7% in the first quarter. Atomi Financial Group Inc. now owns 12,640 shares of the technology company’s stock worth $284,000 after acquiring an additional 2,896 shares during the period. Finally, Sei Investments Co. increased its position in Perion Network by 9.4% during the second quarter. Sei Investments Co. now owns 59,343 shares of the technology company’s stock valued at $496,000 after acquiring an additional 5,078 shares during the last quarter. Institutional investors own 68.12% of the company’s stock.

About Perion Network

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.