Zacks Investment Research Upgrades Perficient (NASDAQ:PRFT) to “Buy”

Perficient (NASDAQ:PRFTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The brokerage presently has a $121.00 target price on the digital transformation consultancy’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 9.01% from the company’s current price.

According to Zacks, “Perficient is the leading digital transformation consulting firm with unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. Their work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers, suppliers, and partners; and reduce costs. Its solutions include big data and analytics, technology platform implementations, commerce, enterprise content management, portals and collaboration, management consulting, custom applications, business integration, business process management, and customer relationship management, among others. “

Several other brokerages also recently issued reports on PRFT. StockNews.com started coverage on Perficient in a report on Thursday, March 31st. They set a “hold” rating for the company. Needham & Company LLC decreased their price target on Perficient from $155.00 to $145.00 and set a “buy” rating for the company in a report on Friday, February 25th. Barrington Research decreased their price target on Perficient from $150.00 to $124.00 in a report on Friday, February 25th. Alliance Global Partners decreased their price target on Perficient from $138.00 to $122.00 in a report on Monday, February 28th. Finally, TheStreet downgraded Perficient from a “b” rating to a “c+” rating in a report on Thursday, February 24th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $131.33.

NASDAQ PRFT opened at $111.00 on Thursday. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 73.51, a P/E/G ratio of 1.59 and a beta of 1.51. Perficient has a 52 week low of $62.33 and a 52 week high of $153.28. The business has a 50 day moving average price of $105.26 and a 200-day moving average price of $117.76. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.89.

Perficient (NASDAQ:PRFTGet Rating) last released its quarterly earnings data on Thursday, February 24th. The digital transformation consultancy reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.08. The firm had revenue of $214.73 million during the quarter, compared to the consensus estimate of $207.17 million. Perficient had a return on equity of 24.49% and a net margin of 6.84%. The company’s quarterly revenue was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, equities research analysts anticipate that Perficient will post 3.72 earnings per share for the current year.

In other Perficient news, Director Gary Wimberly acquired 399 shares of Perficient stock in a transaction on Monday, February 28th. The stock was purchased at an average price of $100.00 per share, for a total transaction of $39,900.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. CVA Family Office LLC purchased a new position in shares of Perficient during the 4th quarter valued at $26,000. First Horizon Advisors Inc. lifted its holdings in Perficient by 890.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 545 shares of the digital transformation consultancy’s stock worth $31,000 after purchasing an additional 490 shares in the last quarter. Point72 Hong Kong Ltd lifted its holdings in Perficient by 1,971.4% during the 4th quarter. Point72 Hong Kong Ltd now owns 290 shares of the digital transformation consultancy’s stock worth $37,000 after purchasing an additional 276 shares in the last quarter. Covestor Ltd purchased a new stake in Perficient during the 4th quarter worth about $46,000. Finally, Rockefeller Capital Management L.P. lifted its holdings in Perficient by 924.5% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 543 shares of the digital transformation consultancy’s stock worth $62,000 after purchasing an additional 490 shares in the last quarter. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

Perficient Company Profile (Get Rating)

Perficient, Inc provides digital consultancy services and solutions in the United States. The company offers strategy and consulting solutions in the areas of digital and technology strategy, management consulting, and organizational change management; and data and intelligence solutions in the areas of analytics, artificial intelligence and machine learning, big data, business intelligence, and custom product portfolio.

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