Perion Network Ltd $PERI Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its holdings in Perion Network Ltd (NASDAQ:PERI) by 16.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 181,527 shares of the technology company’s stock after selling 35,771 shares during the period. ARK Investment Management LLC’s holdings in Perion Network were worth $1,842,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Value Base Ltd. purchased a new position in Perion Network in the first quarter valued at approximately $18,799,000. Phoenix Financial Ltd. raised its holdings in Perion Network by 2.5% in the first quarter. Phoenix Financial Ltd. now owns 2,279,380 shares of the technology company’s stock valued at $18,554,000 after buying an additional 54,909 shares during the period. GHP Investment Advisors Inc. raised its holdings in Perion Network by 98.3% in the first quarter. GHP Investment Advisors Inc. now owns 68,107 shares of the technology company’s stock valued at $554,000 after buying an additional 33,765 shares during the period. Murchinson Ltd. purchased a new position in Perion Network in the first quarter valued at approximately $2,274,000. Finally, Goldman Sachs Group Inc. raised its holdings in Perion Network by 23.1% in the first quarter. Goldman Sachs Group Inc. now owns 343,723 shares of the technology company’s stock valued at $2,798,000 after buying an additional 64,442 shares during the period. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Perion Network Stock Performance

PERI stock opened at $9.49 on Thursday. The stock has a market capitalization of $425.44 million, a price-to-earnings ratio of -79.08, a PEG ratio of 0.86 and a beta of 1.54. Perion Network Ltd has a 1 year low of $6.99 and a 1 year high of $11.79. The stock’s fifty day moving average is $9.42 and its two-hundred day moving average is $9.78.

Analysts Set New Price Targets

Several analysts have issued reports on PERI shares. Wall Street Zen raised shares of Perion Network from a “hold” rating to a “buy” rating in a research report on Saturday, August 16th. Craig Hallum set a $14.00 price objective on shares of Perion Network and gave the company a “buy” rating in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Perion Network in a research report on Wednesday, October 8th. Finally, Lake Street Capital raised their price target on shares of Perion Network from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, July 1st. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

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.