Needham Gives a Buy Rating to Perion Network (PERI)

By Carrie Williams

Needham analyst Laura Martin assigned a Buy rating to Perion Network (PERIResearch Report) today and set a price target of $21.00. The company’s shares closed last Tuesday at $16.73.

According to TipRanks.com, Martin is a top 100 analyst with an average return of 28.4% and a 65.2% success rate. Martin covers the Services sector, focusing on stocks such as CuriosityStream, World Wrestling, and Walt Disney.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Perion Network with a $26.00 average price target, a 50.0% upside from current levels. In a report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $30.00 price target.

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Based on Perion Network’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $118 million and net profit of $9 million. In comparison, last year the company earned revenue of $78.26 million and had a net profit of $5.89 million.

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Perion Network Ltd. is a global technology company, which engages in the provision of advertising solutions to brands and publishers through innovative platforms. It is committed to providing data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. It offers the following business solutions: Undertone, which connects brands to consumers using engaging creatives; Code Fuel, which enables developers to optimize search traffic and generate incremental revenue; MakeMeReach, an automated social management platform that help ad performance across Facebook, Twitter, Instagram, and Snapchat; and Smilebox, a desktop and mobile applications. The company was founded by Ofer Adler and Yaron Adler in November 1999 and is headquartered Holon, Israel.