What's Going On With Perion Networks Stock Friday?

Perion Network Ltd PERI stock is trading higher Friday as Needham analyst Laura Martin boosted the company's financial estimates. Martin reiterated Perion with a Buy and a $42 price target.

She raised her full-year 2023 estimates to reflect PERI's higher 2Q23 results, pre-released Thursday. 

The analyst now estimates FY23 gross revenue of $738.7 million (up 15% Y/Y, 1% above her previous estimate), net revenue of $310.8 million (up 16% Y/Y, 1% above her last estimate), adjusted EBITDA of $160.2 million (up 21% Y/Y, 3.5% above her previous estimate), and EPS, non-GAAP of $2.95 (up 19% Y/Y, 3.5% above her previous estimate) for FY23.

Within 2Q gross revenue of $176 million (up 20% Y/Y and 3% above her previous estimate, Display and Social Advertising revenue should be $101.1 million (up 24% Y/Y and 1% above her last estimate), Search Advertising and Other revenue should be $74.9 million (up 15% Y/Y and 7% above her previous estimate).

Income from operations should be $32.8 million (up 50 Y/Y and 20% above her previous estimate), the analyst stated. Reported net income should be $30.7 million (up 57% Y/Y and 19% above her previous estimate).

Non-GAAP net income should be $37.6 million (up 53% Y/Y and 15% above her previous estimate). Reported GAAP EPS should be $0.61 (up 48% Y/Y and 19% above her previous estimate).

Non-GAAP EPS should be $0.75 (up 47% Y/Y and 15% above her previous estimate), per the analyst.

The analyst expects PERI to be one of the fastest-growing AdTech firms in her coverage for FY23.

Price Action: PERI shares traded higher by 3.96% at $34.67 on the last check Friday.