Perion Network (NASDAQ:PERI) Announces Quarterly Earnings Results

Perion Network (NASDAQ:PERIGet Rating) issued its quarterly earnings data on Thursday. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.11, Briefing.com reports. The firm had revenue of $125.30 million during the quarter, compared to the consensus estimate of $122.02 million. Perion Network had a net margin of 8.09% and a return on equity of 12.35%. Perion Network’s revenue for the quarter was up 39.5% compared to the same quarter last year.

Shares of NASDAQ:PERI opened at $22.43 on Friday. The company’s 50 day simple moving average is $22.64 and its 200 day simple moving average is $23.17. The stock has a market capitalization of $980.12 million, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.30. Perion Network has a 1 year low of $13.75 and a 1 year high of $33.09.

A number of large investors have recently made changes to their positions in PERI. Millennium Management LLC increased its stake in Perion Network by 27.6% in the fourth quarter. Millennium Management LLC now owns 373,515 shares of the technology company’s stock valued at $8,983,000 after acquiring an additional 80,743 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Perion Network by 175.0% during the fourth quarter. Cubist Systematic Strategies LLC now owns 119,400 shares of the technology company’s stock worth $2,872,000 after buying an additional 75,987 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of Perion Network during the fourth quarter worth $1,708,000. Morgan Stanley grew its stake in shares of Perion Network by 22.2% during the second quarter. Morgan Stanley now owns 350,926 shares of the technology company’s stock worth $7,517,000 after buying an additional 63,753 shares during the last quarter. Finally, Parametric Portfolio Associates LLC acquired a new position in shares of Perion Network during the fourth quarter worth $574,000. 51.65% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have issued reports on the stock. StockNews.com assumed coverage on shares of Perion Network in a research report on Thursday, March 31st. They set a “buy” rating for the company. Zacks Investment Research downgraded shares of Perion Network from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th. Raymond James dropped their price target on shares of Perion Network from $31.00 to $29.00 and set an “outperform” rating for the company in a research report on Thursday, February 10th. Finally, Oppenheimer dropped their price target on shares of Perion Network from $35.00 to $30.00 in a research report on Thursday, February 10th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $30.14.

Perion Network Company Profile (Get Rating)

Perion Network Ltd. provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. It provides 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.

Further Reading

Earnings History for Perion Network (NASDAQ:PERI)

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