Zurcher Kantonalbank Zurich Cantonalbank Acquires 2,299 Shares of Perion Network Ltd. (NASDAQ:PERI)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Perion Network Ltd. (NASDAQ:PERI) by 17.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,244 shares of the technology company’s stock after purchasing an additional 2,299 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Perion Network were worth $128,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PERI. Principal Securities Inc. bought a new stake in Perion Network in the fourth quarter valued at $49,000. BigSur Wealth Management LLC bought a new stake in shares of Perion Network in the 2nd quarter worth about $84,000. Riverwater Partners LLC acquired a new stake in shares of Perion Network during the 2nd quarter worth about $157,000. PNC Financial Services Group Inc. lifted its holdings in 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 last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Perion Network in the first quarter valued at about $204,000. 68.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. StockNews.com lowered shares of Perion Network from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Perion Network in a report on Thursday, August 1st. Oppenheimer lowered Perion Network from an “outperform” rating to a “market perform” rating in a research note on Monday, June 10th. Finally, Lake Street Capital upgraded Perion Network from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.67.

Perion Network Price Performance

PERI stock opened at $8.15 on Tuesday. The company has a 50 day moving average price of $8.47 and a 200 day moving average price of $12.70. Perion Network Ltd. has a fifty-two week low of $7.47 and a fifty-two week high of $35.05. The stock has a market capitalization of $385.58 million, a PE ratio of 3.88, a price-to-earnings-growth ratio of 0.41 and a beta of 1.48.

Perion Network (NASDAQ:PERI) last released its earnings results 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 company had revenue of $108.69 million during the quarter, compared to the consensus estimate of $106.98 million. Perion Network had a return on equity of 15.65% and a net margin of 11.34%. As a group, equities analysts expect that Perion Network Ltd. will post 0.91 earnings per share for the current fiscal year.

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.