Congress Asset Management Co. MA Sells 831,062 Shares of Perion Network Ltd. (NASDAQ:PERI)

Congress Asset Management Co. MA decreased its stake in shares of Perion Network Ltd. (NASDAQ:PERI) by 98.7% during the first quarter, HoldingsChannel reports. The firm owned 10,886 shares of the technology company’s stock after selling 831,062 shares during the quarter. Congress Asset Management Co. MA’s holdings in Perion Network were worth $245,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Perion Network during the 3rd quarter valued at about $2,573,000. 1492 Capital Management LLC boosted its stake in shares of Perion Network by 0.9% during the 4th quarter. 1492 Capital Management LLC now owns 188,185 shares of the technology company’s stock valued at $5,809,000 after purchasing an additional 1,751 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Perion Network by 75.3% during the 4th quarter. BNP Paribas Financial Markets now owns 142,569 shares of the technology company’s stock valued at $4,401,000 after purchasing an additional 61,249 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Perion Network by 42.3% during the 4th quarter. Blue Trust Inc. now owns 1,658 shares of the technology company’s stock valued at $51,000 after purchasing an additional 493 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Perion Network by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,435,197 shares of the technology company’s stock valued at $43,960,000 after purchasing an additional 26,181 shares in the last quarter. Institutional investors own 68.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PERI shares. Needham & Company LLC cut shares of Perion Network from a “buy” rating to a “hold” rating in a research report on Monday, June 10th. Lake Street Capital lowered their price target on shares of Perion Network from $16.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, June 11th. Roth Capital cut shares of Perion Network from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 9th. StockNews.com cut shares of Perion Network from a “buy” rating to a “hold” rating in a research report on Tuesday, May 14th. Finally, Oppenheimer cut shares of Perion Network from an “outperform” rating to a “market perform” rating in a research report on Monday, June 10th. Seven investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $24.60.

Perion Network Stock Performance

Shares of Perion Network stock opened at $8.82 on Monday. The stock has a market capitalization of $423.27 million, a PE ratio of 4.20, a price-to-earnings-growth ratio of 0.48 and a beta of 1.40. Perion Network Ltd. has a 52-week low of $8.14 and a 52-week high of $36.86. The company has a 50-day simple moving average of $11.44 and a two-hundred day simple moving average of $20.55.

Perion Network (NASDAQ:PERI) last issued its earnings results on Wednesday, May 8th. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Perion Network had a return on equity of 20.70% and a net margin of 13.94%. The firm had revenue of $157.82 million during the quarter, compared to analysts’ expectations of $156.96 million. As a group, equities research analysts forecast that Perion Network Ltd. will post 0.86 EPS for the current fiscal year.

Perion Network 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.