Insider Selling: Perion Network (NASDAQ:PERI) Director Sells $18,822.31 in Stock

Perion Network Ltd (NASDAQ:PERI) Director Michael Vorhaus sold 2,161 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $8.71, for a total value of $18,822.31. Following the completion of the sale, the director directly owned 22,452 shares of the company’s stock, valued at approximately $195,556.92. This represents a 8.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Perion Network Price Performance

Shares of NASDAQ PERI opened at $8.68 on Thursday. The stock has a market capitalization of $338.78 million, a P/E ratio of -24.80, a PEG ratio of 1.00 and a beta of 1.13. Perion Network Ltd has a one year low of $7.63 and a one year high of $11.27. The firm’s 50 day simple moving average is $9.24 and its two-hundred day simple moving average is $9.42.

Perion Network (NASDAQ:PERI) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Perion Network had a negative net margin of 2.95% and a positive return on equity of 2.43%. The firm had revenue of $98.24 million during the quarter, compared to analyst estimates of $96.72 million. As a group, equities analysts expect that Perion Network Ltd will post 0.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on PERI shares. Weiss Ratings lowered shares of Perion Network from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Zacks Research upgraded Perion Network from a “hold” rating to a “strong-buy” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Perion Network presently has an average rating of “Moderate Buy” and an average target price of $13.88.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PERI. Headlands Technologies LLC increased its stake in shares of Perion Network by 282.5% in the second quarter. Headlands Technologies LLC now owns 39,577 shares of the technology company’s stock worth $384,000 after buying an additional 29,231 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Perion Network during the 2nd quarter valued at $532,000. Bank of America Corp DE boosted its position in Perion Network by 101.3% during the 1st quarter. Bank of America Corp DE now owns 24,480 shares of the technology company’s stock valued at $245,000 after buying an additional 12,317 shares during the period. Royal Bank of Canada boosted its position in Perion Network by 698.9% during the 1st quarter. Royal Bank of Canada now owns 10,170 shares of the technology company’s stock valued at $102,000 after buying an additional 8,897 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in Perion Network in the 1st quarter worth $1,568,000. Institutional investors own 68.12% of the company’s stock.

About Perion Network

Perion Network Ltd. is a global advertising technology company that develops and operates digital advertising solutions for brands, agencies, publishers and retailers. Its technology supports campaign planning, audience targeting, media buying, creative delivery and performance measurement across multiple digital channels, including search, social, display, video, connected television and retail media.

The company’s businesses have included Undertone, which provides digital advertising and creative solutions; Hivestack, a platform for programmatic digital out-of-home advertising; and other technology and media offerings designed to help advertisers reach audiences and help publishers monetize their content.