Perficient, Inc. (PRFT) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Perficient, Inc. (NASDAQ:PRFT) from a hold rating to a buy rating in a research note published on Wednesday. They currently have $20.00 price objective on the information technology services provider’s stock.
According to Zacks, “PERFICIENT INC helps clients acquire and strengthen customer relationships, reduce costs and empower employees by creating an Enabled Enterprise. Through their Enabled Enterprise solutions, Global 3000 companies can drive dramatic return-on-investment by unlocking the power of their existing enterprise resource planning and legacy systems. “
A number of other equities analysts also recently weighed in on PRFT. BidaskClub raised shares of Perficient from a hold rating to a buy rating in a research note on Wednesday, August 23rd. Maxim Group set a $20.00 target price on shares of Perficient and gave the company a buy rating in a research note on Saturday, June 24th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Perficient currently has an average rating of Buy and a consensus target price of $20.33.
Shares of Perficient (NASDAQ PRFT) opened at 18.00 on Wednesday. Perficient has a 52-week low of $14.15 and a 52-week high of $20.79. The company has a market capitalization of $632.11 million, a PE ratio of 43.69 and a beta of 0.86. The stock’s 50 day moving average price is $18.07 and its 200-day moving average price is $17.67.
Perficient (NASDAQ:PRFT) last announced its earnings results on Thursday, August 3rd. The information technology services provider reported $0.29 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.29. Perficient had a net margin of 3.08% and a return on equity of 7.42%. The business had revenue of $117 million during the quarter, compared to the consensus estimate of $119.21 million. During the same quarter last year, the firm earned $0.28 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, analysts expect that Perficient will post $1.23 earnings per share for the current year.
In related news, Director Ralph C. Derrickson sold 7,900 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $17.64, for a total transaction of $139,356.00. Following the completion of the sale, the director now owns 32,747 shares of the company’s stock, valued at $577,657.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.70% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. Capstone Asset Management Co. bought a new stake in Perficient during the first quarter worth approximately $192,000. Morgan Stanley increased its stake in Perficient by 15.6% in the first quarter. Morgan Stanley now owns 225,480 shares of the information technology services provider’s stock worth $3,916,000 after buying an additional 30,353 shares during the period. Stevens Capital Management LP bought a new stake in Perficient during the first quarter worth approximately $236,000. BNP Paribas Arbitrage SA increased its stake in Perficient by 10.8% in the first quarter. BNP Paribas Arbitrage SA now owns 6,521 shares of the information technology services provider’s stock worth $113,000 after buying an additional 637 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Perficient by 4.1% in the first quarter. Bank of New York Mellon Corp now owns 480,131 shares of the information technology services provider’s stock worth $8,335,000 after buying an additional 18,893 shares during the period. 75.08% of the stock is owned by institutional investors and hedge funds.
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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