Citigroup Inc. Grows Holdings in Perion Network Ltd. (NASDAQ:PERI)

Citigroup Inc. lifted its position in shares of Perion Network Ltd. (NASDAQ:PERI) by 77.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,718 shares of the technology company’s stock after buying an additional 33,562 shares during the quarter. Citigroup Inc. owned approximately 0.17% of Perion Network worth $3,036,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Oppenheimer & Co. Inc. purchased a new stake in Perion Network in the 1st quarter worth approximately $420,000. Credit Suisse AG increased its stake in Perion Network by 12.3% in the first quarter. Credit Suisse AG now owns 35,543 shares of the technology company’s stock valued at $1,407,000 after purchasing an additional 3,885 shares during the last quarter. WealthPLAN Partners LLC acquired a new stake in Perion Network in the 1st quarter worth about $123,000. Pictet Asset Management SA purchased a new stake in Perion Network in the 1st quarter valued at about $275,000. Finally, Tower Research Capital LLC TRC grew its holdings in Perion Network by 155.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 6,211 shares of the technology company’s stock valued at $246,000 after buying an additional 3,781 shares during the period. Institutional investors and hedge funds own 60.75% of the company’s stock.

Perion Network Price Performance

Shares of NASDAQ PERI opened at $33.29 on Tuesday. Perion Network Ltd. has a 1-year low of $18.81 and a 1-year high of $42.75. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 0.51 and a beta of 1.26. The business has a 50-day moving average of $34.00 and a 200-day moving average of $34.59.

Perion Network (NASDAQ:PERI) last issued its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.13. Perion Network had a net margin of 15.82% and a return on equity of 22.62%. The company had revenue of $178.47 million during the quarter, compared to the consensus estimate of $176.00 million. Research analysts expect that Perion Network Ltd. will post 2.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PERI shares. Oppenheimer increased their price objective on shares of Perion Network from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 3rd. VNET Group reiterated a “reiterates” rating on shares of Perion Network in a report on Tuesday, June 13th. Stifel Nicolaus upped their price target on Perion Network from $36.00 to $37.00 in a research note on Friday, July 21st. 22nd Century Group reaffirmed a “reiterates” rating on shares of Perion Network in a research note on Tuesday, June 13th. Finally, StockNews.com assumed coverage on shares of Perion Network in a report on Saturday, August 19th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Perion Network presently has an average rating of “Moderate Buy” and an average price target of $40.60.

Perion Network Profile

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.