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

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

Perion Network Trading Down 0.2 %

Shares of Perion Network stock opened at $9.03 on Friday. The firm’s 50 day simple moving average is $8.12 and its two-hundred day simple moving average is $9.28. The firm has a market capitalization of $427.21 million, a price-to-earnings ratio of 5.86, a PEG ratio of 0.42 and a beta of 1.47. Perion Network has a 12-month low of $7.47 and a 12-month high of $32.99.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PERI shares. Needham & Company LLC restated a “hold” rating on shares of Perion Network in a research note on Thursday. Lake Street Capital upgraded shares of Perion Network from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday, July 31st. Finally, Stifel Nicolaus lowered their price target on shares of Perion Network from $9.00 to $7.50 and set a “hold” rating on the stock in a report on Monday, October 14th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.13.

Institutional Investors Weigh In On Perion Network

Large investors have recently made changes to their positions in the stock. BigSur Wealth Management LLC acquired a new stake in Perion Network during the 2nd quarter worth about $84,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Perion Network by 17.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,244 shares of the technology company’s stock valued at $128,000 after purchasing an additional 2,299 shares during the period. Van ECK Associates Corp raised its stake in shares of 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 purchasing an additional 1,468 shares during the last quarter. Riverwater Partners LLC acquired a new stake in shares of Perion Network during the second quarter worth about $157,000. Finally, Hsbc Holdings PLC purchased a new stake in Perion Network in the second quarter valued at approximately $157,000. 68.12% of the stock is owned by hedge funds and other institutional investors.

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.