ARK Investment Management LLC Sells 14,834 Shares of Perion Network Ltd. (NASDAQ:PERI)

ARK Investment Management LLC decreased its stake in Perion Network Ltd. (NASDAQ:PERI) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 223,710 shares of the technology company’s stock after selling 14,834 shares during the period. ARK Investment Management LLC’s holdings in Perion Network were worth $1,895,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PERI. Point72 Asset Management L.P. acquired a new position in shares of Perion Network during the third quarter worth $134,000. XTX Topco Ltd acquired a new position in Perion Network in the 3rd quarter worth about $150,000. Tidal Investments LLC increased its holdings in Perion Network by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 50,338 shares of the technology company’s stock worth $397,000 after purchasing an additional 2,225 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Perion Network during the fourth quarter valued at about $489,000. Finally, Geode Capital Management LLC grew its holdings in shares of Perion Network by 67.8% during the third quarter. Geode Capital Management LLC now owns 57,975 shares of the technology company’s stock worth $457,000 after purchasing an additional 23,423 shares during the last quarter. Institutional investors and hedge funds own 68.12% of the company’s stock.

Perion Network Stock Performance

NASDAQ:PERI opened at $8.58 on Thursday. Perion Network Ltd. has a fifty-two week low of $7.47 and a fifty-two week high of $23.74. The company has a 50 day simple moving average of $8.89 and a two-hundred day simple moving average of $8.56. The company has a market capitalization of $384.60 million, a PE ratio of 33.00, a P/E/G ratio of 0.76 and a beta of 1.48.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings data on Wednesday, February 19th. The technology company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). The firm had revenue of $129.58 million for the quarter, compared to analyst estimates of $130.44 million. Perion Network had a return on equity of 5.55% and a net margin of 2.53%. Research analysts predict that Perion Network Ltd. will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PERI. Needham & Company LLC reiterated a “hold” rating on shares of Perion Network in a report on Thursday, February 20th. Lake Street Capital reaffirmed a “buy” rating and set a $10.50 price target (down previously from $11.00) on shares of Perion Network in a research note on Wednesday, February 19th. Finally, StockNews.com cut shares of Perion Network from a “hold” rating to a “sell” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.25.

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.