Exploring Perion Network Ltd. (PERI) Investor Profile: Who’s Buying and Why?

You're looking at Perion Network Ltd. (PERI) and wondering why the stock is moving, and honestly, the answer is in the institutional conviction: the big money is defintely buying into the company's AI-driven pivot, making up about 64% of the ownership as of November 2025. This isn't retail speculation; it's a structural bet by firms like Phoenix Investments & Finances Ltd. and Private Capital Management, LLC, who are seeing the real, tangible results from the strategic shift. Here's the quick math: the company just reported Q3 2025 revenue of $110.5 million, an 8% year-over-year jump, with Adjusted EBITDA soaring 63% to $12.1 million. That kind of operational performance-especially the 75% year-over-year growth in their high-margin Connected TV (CTV) segment-is what gets an analyst's attention, plus the management team is showing serious confidence by expanding the share repurchase program to a massive $200 million total. Are you positioned to benefit from a stock where the full-year 2025 Adjusted EBITDA is guided between $44 million and $46 million, signaling a clear path to profitability and shareholder return?

Who Invests in Perion Network Ltd. (PERI) and Why?

The investor profile for Perion Network Ltd. (PERI) is dominated by large financial institutions, who are betting on the company's successful pivot to a diversified, AI-driven advertising technology platform. You see a clear split: institutions hold the majority, while a significant retail base provides liquidity and momentum.

As of late 2025, institutional investors hold a substantial stake, ranging from approximately 57% to 64% of the shares outstanding. This high level of institutional ownership means the stock price is highly sensitive to their collective trading actions, but it also signals a professional endorsement of the company's strategic direction. The general public, or retail investors, account for roughly 35% of the ownership, often drawn in by the company's growth story and perceived undervaluation. Interestingly, hedge funds do not currently hold a meaningful investment in the company. That's a key data point for understanding the current stability of the shareholder base.

Here's a quick look at the major investor groups:

• Institutional Investors: Large asset managers, mutual funds, and pension funds.
• Retail Investors: Individual investors and smaller traders.
• Hedge Funds: Minimal meaningful investment, suggesting less short-term speculative pressure.

Investment Motivations: The Strategic Pivot

The primary attraction for investors in 2025 is Perion Network Ltd.'s successful strategic transformation and its focus on high-growth digital advertising segments. The company is actively moving past its historical reliance on search advertising (which saw a sharp decline following changes by Microsoft Bing in 2024), and the numbers show this pivot is working.

Investors are drawn to the triple-digit growth in key segments. For instance, in Q3 2025, Connected TV (CTV) revenue surged an impressive 75% year-over-year. Digital Out of Home (DOOH) revenue climbed 26%, and Retail Media revenue jumped 40%. This is a story of a company effectively trading out a declining revenue stream for three rapidly accelerating ones. You can read more about this shift in the company's business model here: Perion Network Ltd. (PERI): History, Ownership, Mission, How It Works & Makes Money.

The other major driver is the commitment to shareholder value. Management's confidence is backed by a substantial share repurchase program, which was expanded to $200 million in 2025. This action signals that the company views its stock as undervalued and is actively using its strong cash position to reduce the share count, which boosts earnings per share (EPS). The Q3 2025 Adjusted EBITDA jumping 63% year-over-year to $12.1 million is the proof of improved operational efficiency. That's a huge jump in profitability.

Investment Strategies: Growth, Value, and Long-Term Holding

The blend of institutional and retail ownership leads to a mix of investment strategies, but the dominant theme is a long-term, growth-at-a-reasonable-price (GARP) approach.

Growth Investors are buying in because of the explosive growth rates in CTV and Retail Media. They see Perion Network Ltd. as a pure-play on the future of digital advertising, especially its AI-powered solutions like 'SODA' and the new 'DOOH Player.' They are willing to overlook the GAAP net loss of $4.1 million in Q3 2025, focusing instead on the non-GAAP net income of $12.5 million and the $44 million to $46 million Adjusted EBITDA guidance for the full year.

Value Investors are attracted to the company's valuation metrics. Despite the stock price appreciation, some analysts still view the stock as undervalued, trading at approximately 10x Non-GAAP Forward Earnings and 2.85x Forward EBITDA. The strong balance sheet, with cash and equivalents, short-term bank deposits, and marketable securities totaling $318.5 million as of June 30, 2025, also provides a significant margin of safety. That's a solid cash position for a company with a market capitalization of around $457.58 million.

Long-Term Holders, particularly the major institutional players like Phoenix Investments & Finances Ltd. (holding nearly 9.8% of shares), are focused on the multi-year transformation story. Their strategy is a long-term hold, anticipating that the Perion One platform will continue to consolidate the company's offerings and drive sustainable, profitable growth, cementing its position as a platform of choice for Chief Marketing Officers (CMOs). This is defintely a multi-year play.

Institutional Ownership and Major Shareholders of Perion Network Ltd. (PERI)

You're looking at Perion Network Ltd. (PERI) and wondering who the big money is betting on, and that's the right question to ask. Institutional ownership-funds, insurance companies, and asset managers-is a key signal of professional conviction. As of November 2025, institutions collectively own a significant portion of the company, holding approximately 64% of the shares outstanding, though some data suggests this figure is closer to 68.12%. This high level of institutional control means the stock price is defintely sensitive to their collective trading actions. They stand to gain or lose the most from the company's performance.

The concentration is also worth noting: the top 12 shareholders alone command about 50% of the business. This isn't a situation where a single investor holds a majority, but it does mean a small group of large players can strongly influence board decisions and strategic direction. Here's a look at the top three institutional holders based on the most recent filings from November 2025, which reflect holdings as of early November or late Q3 2025:

The share percentages above are based on 40,427,762 Ordinary Shares outstanding as of November 5, 2025. These are your anchor investors-the ones who have done the deep-dive analysis and are committed to a multi-year thesis on Perion.

Recent Shifts in Institutional Stakes

The third quarter of 2025 saw a mixed but generally accumulating sentiment among institutional players, which is typical for a stock in a transitional growth phase. While some funds took profits or rebalanced, the overall picture shows several major institutions increasing their positions, signaling confidence in the near-term outlook. This is a crucial data point: it shows conviction isn't just static; it's active.

Looking at the Q3 2025 13F filings (which report holdings as of September 30, 2025), we see a clear pattern of accumulation from key players, but also some significant selling. Breaking Down Perion Network Ltd. (PERI) Financial Health: Key Insights for Investors is a good place to check on the fundamentals driving these decisions.

• Private Capital Management, LLC: Added 538,375 shares.
• Acadian Asset Management Llc: Increased holdings by 493,306 shares.
• Phoenix Financial Ltd.: Grew their position by 450,000 shares.
• Value Base Ltd.: Significantly reduced their stake by 707,313 shares.
• Y.D. More Investments Ltd: Trimmed their Q2 2025 holding by a massive 93.9%, selling 346,149 shares.

The takeaway here is simple: more institutions are buying than selling in large volumes, but the selling pressure from a few funds, like Value Base Ltd., shows a divergence in opinion. You need to understand what drove both the buying (likely the strong ad-tech performance) and the selling (perhaps a portfolio rebalancing or risk-off move).

The Role of Large Investors in PERI's Trajectory

These large institutional investors don't just hold stock; they exert influence. Their main role is to act as a governance check and to provide a stable, long-term demand base for the stock. When institutions own over 60% of a company, their collective opinion acts as a major floor-or ceiling-for the stock price. Here's the quick math: if a few of the top holders decide to liquidate even a small percentage of their positions, the sudden supply of millions of shares can cause a sharp, immediate drop in the stock price, even if the company's fundamentals haven't changed.

Conversely, their continued accumulation, as seen with Private Capital Management, LLC and Acadian Asset Management Llc in Q3 2025, signals to the broader market that the professional view on Perion Network Ltd. is positive. This credibility helps attract other investors. They also have the power to engage directly with management on strategy, capital allocation (like share buybacks or M&A), and executive compensation. They are the market's voice of confidence, and their increasing stake suggests they believe the company's current strategy is working. Your next step should be to monitor the upcoming Q4 2025 filings to see if this accumulation trend accelerates or reverses.

Key Investors and Their Impact on Perion Network Ltd. (PERI)

You want to know who is really moving the needle at Perion Network Ltd. (PERI), and the short answer is that a concentrated group of institutional investors holds the reins. With institutions owning between 64% and 68.12% of the company, their collective decisions on buying and selling have a direct, palpable impact on the stock's volatility and strategic direction.

This high level of institutional ownership means Perion Network Ltd.'s stock price is defintely sensitive to their trading actions. They don't just hold shares; they can strongly influence board decisions, especially since the top 12 shareholders alone hold a combined 50% of the business. That's a powerful block of capital.

The Heavy Hitters: Who Owns the Largest Stakes?

Looking at the 2025 fiscal year data, the largest shareholders are primarily institutional funds, including a number of Israeli insurance and financial services firms. This isn't unusual for a company with roots in Israel, but it concentrates the ownership and, consequently, the influence. The largest single shareholder, Phoenix Investments & Finances Ltd, holds a significant stake. Here's a snapshot of the top institutional owners and their approximate holdings based on recent filings:

The presence of major index funds like Vanguard Group Inc, while a large holder, is generally a passive investment. The real influence comes from the active funds and insurance groups like Phoenix and Harel, whose stakes are large enough to warrant direct engagement with management. For more background on the company's structure, you can look at Perion Network Ltd. (PERI): History, Ownership, Mission, How It Works & Makes Money.

Investor Influence: Driving Capital Allocation

The primary way these investors impact Perion Network Ltd. is through capital allocation decisions, which directly affect shareholder value (the money you make). When a stock is perceived as undervalued, large investors push for actions like share buybacks. Perion Network Ltd.'s management responded to this in Q3 2025 by expanding its share repurchase program to a total of $200 million, up from the prior $125 million authorization. This is a strong signal of management's confidence in the long-term cash-generating capabilities and a direct move to reward shareholders.

Also, the immediate market reaction to strong earnings shows how sensitive the stock is to institutional sentiment. When Perion Network Ltd. reported Q3 2025 adjusted earnings per share (EPS) of $0.28-beating the analyst consensus of $0.25-the stock surged by over 13% in pre-market trading. Institutional investors are betting on the company's strategic pivot toward AI-driven advertising solutions and high-growth segments like Connected TV (CTV) and Retail Media.

Recent Notable Moves: Buying, Selling, and Conviction

Recent 13F filings show a mix of conviction and caution among the institutional base in 2025. Some funds are initiating or significantly increasing their positions, while others are trimming stakes. This is normal, but the scale matters.

• New Conviction: Value Base Ltd. initiated a new position in Q1 2025 valued at approximately $18.8 million, a clear vote of confidence in the company's trajectory.
• Significant Selling: Y.D. More Investments Ltd. drastically reduced its holding in Q2 2025, selling 346,149 shares and trimming its stake by 93.9%. Here's the quick math: they went from a significant holder to a negligible one, signaling a major loss of conviction from that specific fund.
• Growth in Stake: Equitable Trust Co. boosted its stake by 34.0% in Q1 2025, acquiring an additional 22,280 shares.

The net effect of these moves is that institutional ownership remains high, signaling that for every seller, there is a buyer willing to take the other side, often at a higher price following the strong Q3 2025 performance. The overall message is that the market views the company's full-year 2025 revenue guidance of between $430 million and $450 million as achievable, and the expanded buyback is a powerful tool to support the stock price.

Market Impact and Investor Sentiment

You need to know where the big money stands on Perion Network Ltd. (PERI), because institutional flows dictate near-term stock movement. Right now, the sentiment is a cautious but clear 'Moderate Buy' across Wall Street, which is a strong signal given the company's recent operational pivot.

Institutional investors are Perion Network Ltd.'s biggest stakeholders, holding approximately 64% to 68.12% of the company's shares outstanding. This high concentration means the stock price is highly sensitive to their collective trading actions. The general public, or individual investors, hold a significant but non-controlling stake of around 35%. This is a stock where you defintely watch the institutional ownership filings.

The top 12 shareholders alone control about 50% of the business, with major players including Phoenix Investments & Finances Ltd., Harel Insurance Investments & Financial Services Ltd., and Vanguard Group Inc. Their continued presence and occasional increases in position, like Value Base Ltd.'s new stake valued at about $18.8 million in a recent quarter, show confidence in the long-term strategy, despite a rocky 2024.

• Institutions control the stock's direction.
• Retail investors hold a large minority stake.
• The big players are still buying.

Recent Market Reactions to Ownership Shifts

The market has been quick to reward positive news, even when headline earnings miss expectations. For example, after the Q3 2025 earnings report, the stock jumped 16.9% to $11.10 on heavy trading volume. This surge happened despite the company reporting a GAAP net loss of $0.10 per diluted share for the quarter, missing the consensus estimate. The market focused instead on the strong growth in core segments and the raised full-year guidance.

Conversely, a single large investor move can create noise. In one recent quarter, Y.D. More Investments Ltd. sold 346,149 shares, trimming its holding by 93.9%. While this was a massive reduction for that specific fund, the overall institutional ownership remained high, and the market absorbed the sale, focusing on the broader narrative of strategic transformation. The stock's one-year return to shareholders, as of November 2025, still stands at a positive 18%, demonstrating resilience against short-term selling pressure.

Analyst Perspectives on Key Investor Confidence

The analyst community's perspective on Perion Network Ltd. (PERI) is largely positive, assigning a consensus rating of 'Moderate Buy' to 'Strong Buy.' They see the institutional commitment as validation of the company's pivot away from its legacy search business, which suffered a major blow from changes implemented by Microsoft Bing in 2024. You can read more about that history and the company's structure here: Perion Network Ltd. (PERI): History, Ownership, Mission, How It Works & Makes Money.

Analysts are particularly bullish on the growth engines that the institutional money is betting on. These are the Connected TV (CTV), Digital Out-of-Home (DOOH), and Retail Media segments. For the full 2025 fiscal year, management has guided for total Revenue in the range of $430 million to $450 million and Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) between $44 million and $46 million. Here's the quick math on the analyst price targets:

What this estimate hides is the risk from the search revenue decline, but analysts believe the company's strong balance sheet, which held $358.5 million in net cash as of Q1 2025, and the expanded $125 million share repurchase program, signals management's confidence in their turnaround strategy. The stock buybacks, in particular, provide a floor for the stock price and a direct boost to earnings per share.