Renaissance Technologies LLC Sells 58,100 Shares of Perion Network Ltd. (NASDAQ:PERI)

Renaissance Technologies LLC trimmed its position in shares of Perion Network Ltd. (NASDAQ:PERI - Free Report) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,118,409 shares of the technology company's stock after selling 58,100 shares during the period. Renaissance Technologies LLC owned approximately 2.29% of Perion Network worth $9,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PERI. XTX Topco Ltd bought a new stake in Perion Network during the 3rd quarter valued at approximately $150,000. Public Employees Retirement System of Ohio acquired a new position in shares of Perion Network during the third quarter worth approximately $658,000. Geode Capital Management LLC boosted its position in shares of Perion Network by 67.8% in the third quarter. Geode Capital Management LLC now owns 57,975 shares of the technology company's stock valued at $457,000 after acquiring an additional 23,423 shares during the period. Tidal Investments LLC boosted its position in shares of Perion Network by 4.6% in the third quarter. Tidal Investments LLC now owns 50,338 shares of the technology company's stock valued at $397,000 after acquiring an additional 2,225 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Perion Network by 39.5% during the third quarter. JPMorgan Chase & Co. now owns 378,667 shares of the technology company's stock worth $2,984,000 after acquiring an additional 107,278 shares during the period. 68.12% of the stock is owned by institutional investors and hedge funds.

Perion Network Stock Performance

Shares of PERI stock traded up $0.20 during mid-day trading on Friday, reaching $8.88. The company's stock had a trading volume of 725,323 shares, compared to its average volume of 490,856. The firm's 50-day moving average is $8.35 and its two-hundred day moving average is $8.52. The company has a market cap of $398.05 million, a P/E ratio of 34.16, a PEG ratio of 0.76 and a beta of 1.35. Perion Network Ltd. has a 1-year low of $7.00 and a 1-year high of $13.49.

Perion Network (NASDAQ:PERI - Get Free Report) 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 during 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%. Sell-side analysts anticipate that Perion Network Ltd. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

PERI has been the subject of a number of research reports. Lake Street Capital reissued a "buy" rating and issued a $10.50 price target (down from $11.00) on shares of Perion Network in a report on Wednesday, February 19th. StockNews.com cut shares of Perion Network from a "hold" rating to a "sell" rating in a research note on Friday, April 4th. Finally, Needham & Company LLC restated a "hold" rating on shares of Perion Network in a research note on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $12.00.

Perion Network Company 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.