JPMorgan Chase & Co. Sells 7,149 Shares of Perion Network Ltd. (NASDAQ:PERI)

JPMorgan Chase & Co. cut its stake in Perion Network Ltd. (NASDAQ:PERI) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 371,518 shares of the technology company’s stock after selling 7,149 shares during the quarter. JPMorgan Chase & Co. owned about 0.76% of Perion Network worth $3,147,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. SBI Securities Co. Ltd. purchased a new position in Perion Network during the 4th quarter valued at about $45,000. Fox Run Management L.L.C. increased its holdings in Perion Network by 146.0% during the 4th quarter. Fox Run Management L.L.C. now owns 36,712 shares of the technology company’s stock worth $311,000 after acquiring an additional 21,790 shares during the period. Tidal Investments LLC increased its holdings in Perion Network by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 50,338 shares of the technology company’s stock worth $397,000 after acquiring an additional 2,225 shares during the period. Geode Capital Management LLC lifted its stake in Perion Network by 67.8% in the 3rd 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 in the last quarter. Finally, Perkins Capital Management Inc. boosted its holdings in Perion Network by 4.2% in the 4th quarter. Perkins Capital Management Inc. now owns 55,450 shares of the technology company’s stock valued at $470,000 after purchasing an additional 2,240 shares during the period. 68.12% of the stock is currently owned by institutional investors.

Perion Network Stock Performance

Shares of PERI opened at $8.98 on Tuesday. Perion Network Ltd. has a fifty-two week low of $7.00 and a fifty-two week high of $13.49. The firm has a 50 day moving average price of $8.34 and a 200-day moving average price of $8.53. The firm has a market cap of $402.53 million, a price-to-earnings ratio of 34.54, a PEG ratio of 0.76 and a beta of 1.35.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. StockNews.com downgraded Perion Network from a “hold” rating to a “sell” rating in a research report on Friday, April 4th. Needham & Company LLC reissued a “hold” rating on shares of Perion Network in a research note on Thursday, April 17th. Finally, Lake Street Capital reissued a “buy” rating and issued a $10.50 target price (down previously from $11.00) on shares of Perion Network in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.00.

About Perion Network

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.