Zacks Investment Research Lowers Perficient, Inc. (PRFT) to Hold

Zacks Investment Research lowered shares of Perficient, Inc. (NASDAQ:PRFT) from a buy rating to a hold rating in a report published on Saturday, October 7th.

According to Zacks, “Perficient, Inc. is an information technology and management consulting firm. Its 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. In addition, it provides enterprise social solutions consisting of ideation and crowdsourcing, mobile apps, employee onboarding, partner and vendor collaboration, user and customer support, expert location/Q&A, and others; and digital marketing services, including search engine marketing, user experience and design, and conversion rate optimization. It provides services to the healthcare, financial services, retail and consumer goods, automotive and transport products, electronics and computer hardware, telecommunications, manufacturing, business services, and leisure, and media and entertainment markets. “

Several other equities analysts have also recently commented on the company. BidaskClub cut Perficient from a hold rating to a sell rating in a research note on Saturday, July 8th. Maxim Group set a $20.00 target price on Perficient and gave the company a buy rating in a research note on Thursday, August 3rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $20.67.

Perficient (NASDAQ PRFT) opened at 19.96 on Friday. The company’s 50 day moving average is $18.86 and its 200 day moving average is $17.90. Perficient has a 1-year low of $14.15 and a 1-year high of $20.22. The company has a market cap of $700.94 million, a price-to-earnings ratio of 48.45 and a beta of 0.89.

Perficient (NASDAQ:PRFT) last released its quarterly earnings results on Thursday, August 3rd. The digital transformation consultancy reported $0.29 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.29. The firm had revenue of $117.00 million during the quarter, compared to analysts’ expectations of $119.21 million. Perficient had a return on equity of 7.42% and a net margin of 3.08%. Perficient’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. Equities research analysts forecast that Perficient will post $1.23 EPS for the current year.

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In other Perficient news, Director Ralph C. Derrickson sold 7,900 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $17.64, for a total value of $139,356.00. Following the sale, the director now directly owns 32,747 shares of the company’s stock, valued at $577,657.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul E. Martin sold 13,300 shares of the firm’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.36, for a total value of $257,488.00. The disclosure for this sale can be found here. Insiders sold 88,847 shares of company stock worth $1,739,758 over the last ninety days. 3.70% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Northern Trust Corp boosted its stake in Perficient by 51.6% during the second quarter. Northern Trust Corp now owns 831,358 shares of the digital transformation consultancy’s stock valued at $15,497,000 after buying an additional 282,816 shares in the last quarter. Wellington Management Group LLP boosted its stake in Perficient by 16.2% during the first quarter. Wellington Management Group LLP now owns 1,815,360 shares of the digital transformation consultancy’s stock valued at $31,514,000 after buying an additional 253,499 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Perficient by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,120,591 shares of the digital transformation consultancy’s stock valued at $39,528,000 after buying an additional 200,231 shares in the last quarter. Falcon Point Capital LLC boosted its stake in Perficient by 73.7% during the second quarter. Falcon Point Capital LLC now owns 425,575 shares of the digital transformation consultancy’s stock valued at $7,933,000 after buying an additional 180,596 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Perficient by 186.9% during the second quarter. Russell Investments Group Ltd. now owns 238,699 shares of the digital transformation consultancy’s stock valued at $4,449,000 after buying an additional 155,509 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors.

Perficient Company Profile

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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