ARK Investment Management LLC, a prominent institutional investor, has announced a significant reduction in its holdings of Perion Network Ltd. (NASDAQ: PERI) during the second quarter of this year. According to their recent filing with the Securities and Exchange Commission (SEC), ARK Investment Management LLC sold approximately 33.2% of its shares, amounting to 26,051 shares overall. As a result, the company now retains ownership of 52,388 shares, which represents a decrease of 0.11% in the total value of Perion Network’s stock for ARK Investment Management LLC.
Perion Network Ltd. operates as an influential provider of digital advertising solutions across multiple regions such as North America, Europe, and other international markets. Their extensive range of services includes Wildfire, an acclaimed content monetization platform that helps brands, agencies, and publishers optimize revenue generation opportunities. Additionally, they offer search monetization solutions encompassing website monetization, search mediation services, and app monetization options. Furthermore, Perion Network delivers a comprehensive cross-channel digital advertising software-as-a-service (SaaS) platform tailored to meet various customer needs.
Although specific details regarding ARK Investment Management LLC’s motive for selling their shares in Perion Network Ltd. have not been disclosed publicly thus far; market analysts often speculate on potential reasons behind such significant shifts in investment portfolios.
It is important to note that while this recent filing demonstrates decreased ownership by ARK Investment Management LLC in Perion Network Ltd., it should not be viewed as an indication of the company’s overall performance or financial stability. Such adjustments are common amongst institutional investors who consistently evaluate their investment strategies based on evolving market conditions and individual company performances.
The information presented in this article is accurate as of September 17th,
2023 the reference date provided above and reflects the current status of ARK Investment Management LLC’s holdings in Perion Network Ltd. It is always advisable to consult the most recent 13F filings and official statements from all involved parties for the latest updates and developments in the realm of investment management.
Perion Network Attracts Significant Investments from Large Investors, Analysts Remain Positive on Stock
In recent news, various large investors have made significant changes to their positions in Perion Network, a technology company. Raymond James & Associates increased its stake in the company by 5.4% during the first quarter, bringing its total ownership to 90,247 shares worth $2,030,000. Similarly, Raymond James Financial Services Advisors Inc. acquired a new position in Perion Network during the same quarter valued at around $339,000.
Cambridge Investment Research Advisors Inc. also decided to increase its stake in Perion Network by 5.7%, adding an additional 778 shares worth $327,000 to their portfolio. Meanwhile, Commonwealth of Pennsylvania Public School Empls Retrmt SYS saw fit to lift its position by an astounding 30.8% during the first quarter, acquiring an additional 11,151 shares worth $1,064,000.
Furthermore, Sei Investments Co., a leading investment management firm, recently purchased a new stake in Perion Network valued at approximately $302,000 during the first quarter. These investments indicate strong confidence from these institutions and emphasize their belief in the potential growth and future success of Perion Network.
It is important to note that hedge funds and other institutional investors collectively own a substantial percentage of the company’s stock, accounting for approximately 60.75% of ownership.
This influx of investments has sparked interest within the equities research community as well. Several analysts have provided comments and ratings on Perion Network based on recent developments. Raymond James downgraded their rating from “outperform” to “market perform” on September 12th.
Additionally, Stifel Nicolaus raised their price objective for Perion Network from $36.00 to $37.00 back on July 21st.
Overall sentiment towards Perion Network remains positive among analysts as data from Bloomberg indicates a consensus rating of “Moderate Buy” for the stock with an average target price of $40.60.
Shares of NASDAQ:PERI opened at $29.97 on September 17th, with the company currently holding a market capitalization of $1.38 billion. With a P/E ratio of 13.44 and a P/E/G ratio of 0.48, Perion Network presents itself as an intriguing investment opportunity for those seeking potential growth in the technology sector.
The stock has experienced fluctuations in its trading range over the past year, ranging from a low of $18.81 to a high of $42.75. Presently, it holds a 50-day moving average price of $34.25 and a 200-day moving average price of $34.55.
Looking back at the financial performance of Perion Network, the company reported earnings per share (EPS) totaling $0.78 for the most recent quarter ending on August 2nd – surpassing analysts’ consensus estimates by $0.13 per share.
During this period, Perion Network generated revenue amounting to $178.47 million, which exceeded the forecasted consensus estimate of $176 million.
Impressively, Perion Network attained a return on equity (ROE) figure of 22.62% with a net margin of 15.82%.
Moving forward, equities analysts predict that Perion Network Ltd.’s EPS for the current fiscal year will reach approximately 2.95.