Perion Network Ltd. (NASDAQ:PERI) Shares Sold by Meitav Investment House Ltd.

Meitav Investment House Ltd. cut its position in shares of Perion Network Ltd. (NASDAQ:PERI - Free Report) by 10.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 858,893 shares of the technology company's stock after selling 103,353 shares during the period. Meitav Investment House Ltd. owned approximately 1.79% of Perion Network worth $6,768,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Perion Network by 16.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,105 shares of the technology company's stock valued at $188,000 after purchasing an additional 847 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in Perion Network during the first quarter valued at approximately $204,000. BigSur Wealth Management LLC purchased a new stake in Perion Network during the second quarter valued at approximately $84,000. Pitcairn Co. raised its position in Perion Network by 9.0% during the first quarter. Pitcairn Co. now owns 12,406 shares of the technology company's stock valued at $279,000 after purchasing an additional 1,027 shares during the period. Finally, Atomi Financial Group Inc. raised its position in Perion Network by 29.7% during the first quarter. Atomi Financial Group Inc. now owns 12,640 shares of the technology company's stock valued at $284,000 after purchasing an additional 2,896 shares during the period. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Lake Street Capital upgraded Perion Network from a "hold" rating to a "buy" rating and set a $10.00 price target on the stock in a report on Wednesday, July 31st. Needham & Company LLC reiterated a "hold" rating on shares of Perion Network in a report on Thursday, August 1st. Finally, Stifel Nicolaus reduced their price target on Perion Network from $9.00 to $7.50 and set a "hold" rating on the stock in a report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $12.13.

Perion Network Stock Performance

NASDAQ PERI traded down $0.18 on Thursday, reaching $8.15. 210,288 shares of the stock traded hands, compared to its average volume of 677,648. The company has a fifty day moving average price of $8.13 and a 200-day moving average price of $9.38. The company has a market cap of $391.13 million, a price-to-earnings ratio of 3.94, a PEG ratio of 0.41 and a beta of 1.48. Perion Network Ltd. has a 12 month low of $7.47 and a 12 month high of $32.99.

Perion Network (NASDAQ:PERI - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The technology company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $108.69 million during the quarter, compared to analyst estimates of $106.98 million. Perion Network had a return on equity of 15.65% and a net margin of 11.34%. As a group, research analysts anticipate that Perion Network Ltd. will post 0.91 earnings per share for the current fiscal year.

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.