SG Americas Securities LLC Reduces Stock Position in Perion Network Ltd. (NASDAQ:PERI)

SG Americas Securities LLC trimmed its stake in shares of Perion Network Ltd. (NASDAQ:PERI) by 12.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,505 shares of the technology company’s stock after selling 3,452 shares during the period. SG Americas Securities LLC’s holdings in Perion Network were worth $185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PERI. PNC Financial Services Group Inc. grew its stake in shares of Perion Network by 16.1% during the 4th 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. Pitcairn Co. increased its holdings 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 buying an additional 1,027 shares during the last quarter. Van ECK Associates Corp raised its position in Perion Network by 9.7% in the second quarter. Van ECK Associates Corp now owns 16,540 shares of the technology company’s stock worth $138,000 after acquiring an additional 1,468 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Perion Network by 17.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,244 shares of the technology company’s stock worth $128,000 after acquiring an additional 2,299 shares during the last quarter. Finally, Atomi Financial Group Inc. grew its position in shares of Perion Network by 29.7% during the 1st quarter. Atomi Financial Group Inc. now owns 12,640 shares of the technology company’s stock valued at $284,000 after acquiring an additional 2,896 shares during the period. Institutional investors own 68.12% of the company’s stock.

Perion Network Stock Performance

Shares of PERI stock opened at $7.99 on Thursday. The stock has a fifty day simple moving average of $8.20 and a two-hundred day simple moving average of $9.56. The firm has a market capitalization of $383.45 million, a PE ratio of 3.81, a PEG ratio of 0.39 and a beta of 1.48. Perion Network Ltd. has a 52-week low of $7.47 and a 52-week high of $32.99.

Perion Network (NASDAQ:PERI) last released its quarterly earnings data on Wednesday, July 31st. The technology company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates 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%. On average, sell-side analysts forecast that Perion Network Ltd. will post 0.91 EPS for the current fiscal year.

Analyst Ratings Changes

PERI has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Perion Network in a report on Thursday, August 1st. Lake Street Capital raised Perion Network from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus lowered their price objective on Perion Network from $9.00 to $7.50 and set a “hold” rating on the stock in a research report on Monday, October 14th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.13.

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.