Perficient (NASDAQ:PRFT) declared that its board has approved a stock repurchase plan, which allows the company to repurchase $25.00 million in outstanding shares on Thursday, March 1st. This repurchase authorization allows the digital transformation consultancy to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several research firms recently commented on PRFT. BidaskClub lowered Perficient from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. TheStreet raised Perficient from a “c+” rating to a “b-” rating in a report on Friday, January 26th. Zacks Investment Research lowered Perficient from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Perficient in a report on Thursday, March 1st. Finally, ValuEngine raised Perficient from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $24.00.
Shares of Perficient (PRFT) traded up $0.39 during mid-day trading on Thursday, hitting $22.92. The company’s stock had a trading volume of 265,605 shares, compared to its average volume of 252,723. The stock has a market capitalization of $787.92, a price-to-earnings ratio of 41.67 and a beta of 0.80. Perficient has a 12 month low of $16.20 and a 12 month high of $24.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.11 and a current ratio of 2.11.
In other Perficient news, CEO Jeffrey S. Davis sold 4,649 shares of the firm’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $23.88, for a total transaction of $111,018.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Paul E. Martin sold 18,774 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $23.21, for a total value of $435,744.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,836 shares of company stock worth $2,115,017. Corporate insiders own 3.70% of the company’s stock.
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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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