Migdal Insurance & Financial Holdings Ltd. Grows Stake in Perion Network Ltd. (NASDAQ:PERI)

Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Perion Network Ltd. (NASDAQ:PERI) by 12.8% in the fourth quarter, Holdings Channel reports. The firm owned 2,299,039 shares of the technology company’s stock after purchasing an additional 260,000 shares during the period. Perion Network comprises approximately 1.4% of Migdal Insurance & Financial Holdings Ltd.’s holdings, making the stock its 18th biggest position. Migdal Insurance & Financial Holdings Ltd.’s holdings in Perion Network were worth $70,971,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. grew its position in Perion Network by 46.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,972,744 shares of the technology company’s stock worth $91,055,000 after acquiring an additional 945,194 shares in the last quarter. Meitav Investment House Ltd. boosted its position in Perion Network by 62.7% during the third quarter. Meitav Investment House Ltd. now owns 998,854 shares of the technology company’s stock valued at $30,644,000 after buying an additional 385,010 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Perion Network by 718.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 425,102 shares of the technology company’s stock valued at $16,780,000 after buying an additional 373,145 shares during the period. Millennium Management LLC boosted its position in Perion Network by 1,472.8% during the fourth quarter. Millennium Management LLC now owns 367,338 shares of the technology company’s stock valued at $9,294,000 after buying an additional 343,982 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd boosted its position in Perion Network by 14.2% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,651,441 shares of the technology company’s stock valued at $81,199,000 after buying an additional 330,000 shares during the period. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Perion Network Stock Down 2.4 %

Shares of NASDAQ PERI traded down $0.29 on Wednesday, reaching $11.60. 485,837 shares of the company’s stock traded hands, compared to its average volume of 847,289. The business’s 50 day simple moving average is $21.20 and its two-hundred day simple moving average is $26.08. Perion Network Ltd. has a 12 month low of $11.44 and a 12 month high of $42.36. The company has a market cap of $556.68 million, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 0.37 and a beta of 1.24.

Perion Network (NASDAQ:PERI) last posted its quarterly earnings results on Wednesday, February 7th. The technology company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Perion Network had a net margin of 15.80% and a return on equity of 23.06%. The firm had revenue of $234.23 million for the quarter, compared to analysts’ expectations of $233.09 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts forecast that Perion Network Ltd. will post 1.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PERI shares. Needham & Company LLC cut their price target on shares of Perion Network from $35.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Lake Street Capital reaffirmed a “hold” rating and set a $16.00 price objective on shares of Perion Network in a research note on Monday, April 8th. Roth Mkm reaffirmed a “neutral” rating and set a $13.00 price objective (down from $35.00) on shares of Perion Network in a research note on Tuesday, April 9th. StockNews.com downgraded shares of Perion Network from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, Roth Capital downgraded shares of Perion Network from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Perion Network currently has a consensus rating of “Hold” and a consensus price target of $25.80.

About Perion Network

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.