Zacks Investment Research Upgrades The Hackett Group, Inc. (HCKT) to “Hold”
The Hackett Group, Inc. (NASDAQ:HCKT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “The Hackett Group, a global strategic advisory firm and an Answerthink company, is a leader in best practice research and advisory programs, benchmarking and transformation consulting services, including shared services, offshoring and outsourcing advice. Utilizing best practices and implementation insight from more than 4,000 benchmarking studies, executives use Hackett’s empirically based approach to quickly define and prioritize initiatives, and to leverage proven strategies that enable world-class performance. “
Separately, BidaskClub raised shares of The Hackett Group from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $19.00.
The Hackett Group (NASDAQ:HCKT) last released its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.19 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.02). The Hackett Group had a return on equity of 27.74% and a net margin of 8.42%. The business had revenue of $73.60 million during the quarter, compared to analysts’ expectations of $74.36 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The Hackett Group’s quarterly revenue was down 2.6% on a year-over-year basis.
The Hackett Group announced that its board has initiated a share buyback program on Tuesday, August 8th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the business services provider to buy up to 17% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
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A number of institutional investors and hedge funds have recently bought and sold shares of HCKT. Bank of New York Mellon Corp boosted its holdings in The Hackett Group by 9.0% in the 1st quarter. Bank of New York Mellon Corp now owns 303,800 shares of the business services provider’s stock worth $5,921,000 after acquiring an additional 25,046 shares during the period. Swiss National Bank boosted its holdings in The Hackett Group by 5.3% in the 1st quarter. Swiss National Bank now owns 39,992 shares of the business services provider’s stock worth $779,000 after acquiring an additional 2,000 shares during the period. JPMorgan Chase & Co. boosted its holdings in The Hackett Group by 29.3% in the 1st quarter. JPMorgan Chase & Co. now owns 126,832 shares of the business services provider’s stock worth $2,472,000 after acquiring an additional 28,746 shares during the period. Victory Capital Management Inc. purchased a new position in The Hackett Group in the 1st quarter worth approximately $125,000. Finally, American International Group Inc. boosted its holdings in The Hackett Group by 7.1% in the 1st quarter. American International Group Inc. now owns 13,827 shares of the business services provider’s stock worth $269,000 after acquiring an additional 918 shares during the period. 75.59% of the stock is owned by hedge funds and other institutional investors.
About The Hackett Group
The Hackett Group, Inc is an advisory and technology consulting company. The Company’s services include business transformation, enterprise performance management, working capital management and global business services. The Company is engaged in providing business and technology consulting services.
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