Zacks Investment Research Upgrades Perficient, Inc. (PRFT) to “Buy”
Perficient, Inc. (NASDAQ:PRFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $20.00 price target on the information technology services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.29% from the company’s current price.
According to Zacks, “PERFICIENT INC helps clients acquire and strengthen customer relationships, reduce costs and empower employees by creating an Enabled Enterprise. Through their Enabled Enterprise solutions, Global 3000 companies can drive dramatic return-on-investment by unlocking the power of their existing enterprise resource planning and legacy systems. “
Several other research analysts have also issued reports on the company. BidaskClub lowered Perficient from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Maxim Group set a $20.00 price objective on Perficient and gave the company a “buy” rating in a report on Thursday, May 4th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Perficient currently has a consensus rating of “Buy” and a consensus target price of $20.33.
Shares of Perficient (PRFT) opened at 18.30 on Wednesday. The stock has a market capitalization of $642.64 million, a PE ratio of 44.42 and a beta of 0.86. Perficient has a 52-week low of $14.15 and a 52-week high of $20.79. The company’s 50 day moving average price is $18.05 and its 200 day moving average price is $17.67.
Perficient (NASDAQ:PRFT) last announced its earnings results on Thursday, August 3rd. The information technology services provider reported $0.29 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. Perficient had a return on equity of 7.42% and a net margin of 3.08%. The company had revenue of $117 million for the quarter, compared to analyst estimates of $119.21 million. During the same period in the prior year, the company posted $0.28 EPS. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, equities research analysts anticipate that Perficient will post $1.23 EPS for the current year.
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In other news, Director Ralph C. Derrickson sold 7,900 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $17.64, for a total value of $139,356.00. Following the sale, the director now owns 32,747 shares in the company, valued at $577,657.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.70% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in shares of Perficient by 10.8% in the first quarter. BNP Paribas Arbitrage SA now owns 6,521 shares of the information technology services provider’s stock worth $113,000 after buying an additional 637 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Perficient by 31.1% in the first quarter. Victory Capital Management Inc. now owns 6,860 shares of the information technology services provider’s stock worth $119,000 after buying an additional 1,629 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Perficient by 77.5% in the second quarter. State of Alaska Department of Revenue now owns 6,942 shares of the information technology services provider’s stock worth $129,000 after buying an additional 3,032 shares during the last quarter. Acrospire Investment Management LLC increased its stake in shares of Perficient by 525.7% in the first quarter. Acrospire Investment Management LLC now owns 7,771 shares of the information technology services provider’s stock worth $135,000 after buying an additional 6,529 shares during the last quarter. Finally, Mason Street Advisors LLC increased its stake in shares of Perficient by 5.1% in the first quarter. Mason Street Advisors LLC now owns 8,282 shares of the information technology services provider’s stock worth $144,000 after buying an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.
Perficient Company Profile
Perficient, Inc is an information technology and management consulting firm. The Company’s solutions include business intelligence and analytics, commerce, content management, custom applications, platform implementations, portals and collaboration, business integration and application program interfaces, management consulting, business process management, and customer relationship management, among others.
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