Perion Network (NASDAQ:PERI) Announces Earnings Results, Meets Expectations

Perion Network (NASDAQ:PERI) posted its quarterly earnings data on Wednesday. The technology company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11, reports. The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $99.93 million. Perion Network had a net margin of 11.34% and a return on equity of 15.65%. Perion Network updated its FY 2024 guidance to EPS.

Perion Network Stock Performance

Perion Network stock opened at $9.03 on Friday. The company has a market capitalization of $427.21 million, a PE ratio of 5.86, a P/E/G ratio of 0.42 and a beta of 1.47. The company has a 50 day moving average price of $8.12 and a 200-day moving average price of $9.28. Perion Network has a fifty-two week low of $7.47 and a fifty-two week high of $32.99.

Analyst Ratings Changes

PERI has been the topic of a number of recent analyst reports. Lake Street Capital raised shares of Perion Network from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research report on Wednesday, July 31st. Stifel Nicolaus cut their target price on Perion Network from $9.00 to $7.50 and set a “hold” rating on the stock in a research note on Monday, October 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Perion Network in a research note on Thursday. 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, the stock has a consensus rating of “Hold” and a consensus target price of $12.13.

Institutional Inflows and Outflows

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

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.