Acadian Asset Management LLC recently announced the acquisition of new stake in Perion Network Ltd. (NASDAQ:PERI). The institutional investor has increased its shareholding in the Communication Services company by 0.83% to 1.8 million shares with purchase of 14868.0 shares. This fresh investment now brings its stake to 3.88% valued currently at $63.19 million. In addition, Private Capital Management LLC raised its holdings by 1465.0 to 1.71 million shares. And Harel Mutual Funds Ltd. has lifted its position by 21.94% or 0.29 million shares – to 1.61 million shares.
With over 2.9 million Perion Network Ltd. (PERI) shares trading Tuesday and a closing price of $30.30 on the day, the dollar volume was approximately $87.81 million. The shares have shown a positive half year performance of 17.40% and its price on 05/23/23 lost nearly -4.66%. Currently, there are 46.38M common shares owned by the public and among those 40.35M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for PERI have a consensus price objective of $40.17. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $36.00. The average price target is 21.93% above its recent price level and an upside to the estimated low will see the stock gain 15.83% over that period. But an upside of 27.86% will see the stock hit the forecast high price target while median target price for the stock is $40.50.
The top 3 mutual fund holders in Perion Network Ltd. are Victory Trivalent International S, Government Pension Fund – Global, and Vanguard Total International Stoc. Victory Trivalent International S owns 0.84 million shares of the company’s stock, all valued at over $29.52 million. The company sold 11748.0 shares recently to bring their total holdings to about 1.81% of the shares outstanding. Government Pension Fund – Global bought 0.37 million shares to see its total holdings expand to 0.72 million shares valued at over $25.28 million and representing 1.55% of the shares outstanding. Vanguard Total International Stoc bought 17002.0 shares to bring its total holdings to over 0.52 million shares at a value of $18.3 million. Vanguard Total International Stoc now owns shares totaling to 1.12% of the shares outstanding.
Shares of Perion Network Ltd. (NASDAQ: PERI) opened at $29.95, down -$1.83 from a prior closing price of $31.78. However, the script later moved the day high at 31.60, down -4.66%. The company’s stock has a 5-day price change of -7.57% and -9.36% over the past three months. PERI shares are trading 19.76% year to date (YTD), with the 12-month market performance up to 56.19% higher. It has a 12-month low price of $16.41 and touched a high of $42.75 over the same period. PERI has an average intraday trading volume of 770.83K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.32%, -16.62%, and 6.33% respectively.
Institutional ownership of Perion Network Ltd. (NASDAQ: PERI) shares accounts for 45.30% of the company’s 46.38M shares outstanding. Mutual fund holders own 23.49%, while other institutional holders and individual stakeholders account for 38.69% and — respectively.
It has a market capitalization of $1.44B and a beta (3y monthly) value of 1.27. The stock’s trailing 12-month PE ratio is 13.74, while the earnings-per-share (ttm) stands at $2.21. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.24% over the week and 4.62% over the month.
Analysts forecast that Perion Network Ltd. (PERI) will achieve an EPS of $0.51 for the current quarter, $0.57 for the next quarter and $2.57 for 2024. The lowest estimate earnings-per-share for the quarter is $0.49 while analysts give the company a high EPS estimate of $0.53. Comparatively, EPS for the current quarter was $0.41 a year ago. Earnings per share for the fiscal year are expected to increase by 101.70%, and 5.46% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Perion Network Ltd. (PERI) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
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