Invenomic Capital Management LP Sells 68,736 Shares of Perion Network Ltd. (NASDAQ:PERI)

Invenomic Capital Management LP decreased its stake in Perion Network Ltd. (NASDAQ:PERI) by 16.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 341,443 shares of the technology company’s stock after selling 68,736 shares during the period. Invenomic Capital Management LP owned 0.72% of Perion Network worth $2,691,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PERI. Acadian Asset Management LLC raised its position in Perion Network by 43.5% during the second quarter. Acadian Asset Management LLC now owns 1,722,676 shares of the technology company’s stock worth $14,367,000 after acquiring an additional 522,424 shares in the last quarter. Clearline Capital LP bought a new position in Perion Network during the third quarter worth about $2,221,000. Y.D. More Investments Ltd raised its stake in Perion Network by 580.4% in the second quarter. Y.D. More Investments Ltd now owns 264,379 shares of the technology company’s stock valued at $2,191,000 after buying an additional 225,520 shares during the period. Squarepoint Ops LLC boosted its stake in shares of Perion Network by 997.5% during the 2nd quarter. Squarepoint Ops LLC now owns 133,815 shares of the technology company’s stock worth $1,117,000 after acquiring an additional 121,622 shares during the period. Finally, ARK Investment Management LLC increased its holdings in shares of Perion Network by 156.9% during the 2nd quarter. ARK Investment Management LLC now owns 192,002 shares of the technology company’s stock worth $1,603,000 after acquiring an additional 117,253 shares during the last quarter. Institutional investors and hedge funds own 68.12% of the company’s stock.

Perion Network Price Performance

Shares of NASDAQ PERI opened at $9.36 on Wednesday. Perion Network Ltd. has a one year low of $7.47 and a one year high of $32.99. The firm has a market cap of $442.79 million, a price-to-earnings ratio of 10.06, a P/E/G ratio of 0.47 and a beta of 1.47. The stock’s fifty day moving average price is $8.26 and its two-hundred day moving average price is $8.80.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PERI. Needham & Company LLC reaffirmed a “hold” rating on shares of Perion Network in a report on Thursday, November 7th. Stifel Nicolaus cut their target price on shares of Perion Network from $9.00 to $7.50 and set a “hold” rating for the company in a research note on Monday, October 14th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.13.

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.