Cornerstone Investment Partners LLC Invests $212,000 in Perficient, Inc. (NASDAQ:PRFT)

Cornerstone Investment Partners LLC bought a new position in shares of Perficient, Inc. (NASDAQ:PRFT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 3,221 shares of the digital transformation consultancy’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. NBC Securities Inc. acquired a new position in Perficient during the third quarter worth approximately $38,000. Park Place Capital Corp acquired a new position in Perficient during the third quarter worth approximately $69,000. Tower Research Capital LLC TRC increased its position in Perficient by 170.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,159 shares of the digital transformation consultancy’s stock worth $97,000 after buying an additional 731 shares during the period. Lazard Asset Management LLC increased its position in Perficient by 20.1% during the fourth quarter. Lazard Asset Management LLC now owns 1,506 shares of the digital transformation consultancy’s stock worth $105,000 after buying an additional 252 shares during the period. Finally, Huntington National Bank increased its position in Perficient by 10.5% during the third quarter. Huntington National Bank now owns 2,245 shares of the digital transformation consultancy’s stock worth $130,000 after buying an additional 213 shares during the period. Institutional investors and hedge funds own 95.00% of the company’s stock.

Perficient Stock Performance

Perficient stock opened at $44.80 on Friday. The firm has a market capitalization of $1.57 billion, a P/E ratio of 16.23, a PEG ratio of 1.06 and a beta of 1.43. The stock has a fifty day moving average price of $59.51 and a 200 day moving average price of $62.21. Perficient, Inc. has a 52 week low of $43.39 and a 52 week high of $96.93. 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 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.02). Perficient had a return on equity of 23.39% and a net margin of 10.91%. The company had revenue of $220.79 million during the quarter, compared to analysts’ expectations of $223.79 million. During the same period in the previous year, the company earned $0.98 EPS. Perficient’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts anticipate that Perficient, Inc. will post 3.42 earnings per share for the current year.

Insider Transactions at Perficient

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PRFT. JPMorgan Chase & Co. boosted their target price on Perficient from $68.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. Scotiabank dropped their target price on Perficient from $70.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. Barrington Research reissued an “outperform” rating and issued a $77.00 target price on shares of Perficient in a report on Wednesday, February 28th. Finally, Guggenheim assumed coverage on Perficient in a report on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 target price on the stock. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $70.00.

About Perficient

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.