Perficient (NASDAQ:PRFT) Shares Gap Up After Analyst Upgrade

Perficient, Inc. (NASDAQ:PRFT)’s share price gapped up prior to trading on Monday after Scotiabank raised their price target on the stock from $50.00 to $76.00. The stock had previously closed at $48.11, but opened at $73.70. Scotiabank currently has a sector perform rating on the stock. Perficient shares last traded at $73.43, with a volume of 4,164,401 shares.

Several other brokerages also recently issued reports on PRFT. Alliance Global Partners upgraded shares of Perficient from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Tuesday, April 23rd. William Blair reaffirmed a “market perform” rating on shares of Perficient in a research report on Monday. JPMorgan Chase & Co. dropped their target price on shares of Perficient from $71.00 to $59.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Barrington Research restated an “outperform” rating and issued a $77.00 price objective on shares of Perficient in a research report on Monday, April 29th. Finally, Guggenheim started coverage on shares of Perficient in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 target price on the stock. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $69.50.

Insider Buying and Selling at Perficient

In other Perficient news, CFO Paul E. Martin sold 3,664 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $67.26, for a total value of $246,440.64. Following the sale, the chief financial officer now owns 212,642 shares in the company, valued at approximately $14,302,300.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Paul E. Martin sold 3,664 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $67.26, for a total transaction of $246,440.64. Following the sale, the chief financial officer now owns 212,642 shares in the company, valued at $14,302,300.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kevin Thomas Sheen sold 684 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $69.04, for a total transaction of $47,223.36. Following the completion of the transaction, the senior vice president now directly owns 26,533 shares of the company’s stock, valued at $1,831,838.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,149 shares of company stock valued at $885,619. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quantbot Technologies LP bought a new position in shares of Perficient in the first quarter valued at about $362,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Perficient by 4.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 7,433 shares of the digital transformation consultancy’s stock worth $418,000 after purchasing an additional 300 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. acquired a new stake in shares of Perficient during the first quarter worth $4,574,000. Texas Permanent School Fund Corp boosted its position in shares of Perficient by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 30,432 shares of the digital transformation consultancy’s stock valued at $1,713,000 after acquiring an additional 407 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Perficient during the first quarter worth about $25,000. 95.00% of the stock is currently owned by institutional investors.

Perficient Stock Up 52.3 %

The firm’s 50 day simple moving average is $54.81 and its two-hundred day simple moving average is $61.39. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 26.54, a PEG ratio of 1.17 and a beta of 1.46. The company has a current ratio of 4.15, a quick ratio of 4.15 and a debt-to-equity ratio of 0.75.

Perficient (NASDAQ:PRFT) last issued its earnings results on Tuesday, February 27th. The digital transformation consultancy reported $0.99 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.02). The business had revenue of $220.79 million for the quarter, compared to analyst estimates of $223.79 million. Perficient had a return on equity of 23.39% and a net margin of 10.91%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 EPS. On average, equities analysts forecast that Perficient, Inc. will post 3.42 EPS for the current year.

Perficient Company Profile

Perficient, Inc provides digital consultancy services and solutions in the United States and internationally. It offers strategy and transformation solutions in digital strategy, technology strategy, business velocity and growth, 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 portfolios.