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 to investors on Saturday, Zacks.com reports. The firm presently has a $107.00 price objective on the digital transformation consultancy’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.53% from the stock’s previous close.

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. “

A number of other equities analysts have also commented on PRFT. JPMorgan Chase & Co. dropped their price target on shares of Perficient from $138.00 to $133.00 in a research report on Friday, April 29th. StockNews.com started coverage on shares of Perficient in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Alliance Global Partners lowered their price objective on shares of Perficient from $138.00 to $122.00 in a research note on Monday, February 28th. Needham & Company LLC decreased their price target on shares of Perficient from $155.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. Finally, Maxim Group reiterated a “buy” rating and set a $140.00 price target on shares of Perficient in a research note on Friday, April 29th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $127.29.

NASDAQ PRFT opened at $96.81 on Friday. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 52.33, a price-to-earnings-growth ratio of 1.40 and a beta of 1.50. Perficient has a 12 month low of $71.13 and a 12 month high of $153.28. The company’s fifty day moving average price is $104.66 and its two-hundred day moving average price is $113.78. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.38 and a quick ratio of 2.38.

Perficient (NASDAQ:PRFTGet Rating) last announced its earnings results on Thursday, April 28th. The digital transformation consultancy reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. Perficient had a net margin of 8.07% and a return on equity of 27.60%. The firm had revenue of $222.11 million during the quarter, compared to analyst estimates of $219.66 million. During the same quarter in the prior year, the firm posted $0.63 EPS. Perficient’s revenue was up 31.2% compared to the same quarter last year. As a group, analysts anticipate that Perficient will post 3.75 EPS for the current year.

In related news, Director Gary Wimberly bought 399 shares of the company’s stock in a transaction that occurred on Monday, February 28th. The shares were bought at an average price of $100.00 per share, for a total transaction of $39,900.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRFT. Capital International Investors lifted its holdings in shares of Perficient by 59.7% in the first quarter. Capital International Investors now owns 429,965 shares of the digital transformation consultancy’s stock worth $47,335,000 after buying an additional 160,757 shares in the last quarter. Sawgrass Asset Management LLC purchased a new stake in Perficient in the first quarter valued at approximately $345,000. Virtu Financial LLC purchased a new stake in Perficient in the first quarter valued at approximately $237,000. Lido Advisors LLC raised its stake in Perficient by 9.8% in the first quarter. Lido Advisors LLC now owns 3,190 shares of the digital transformation consultancy’s stock valued at $351,000 after purchasing an additional 285 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Perficient in the first quarter valued at approximately $1,348,000. 89.37% of the stock is currently owned by institutional investors and hedge funds.

About Perficient (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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