Perficient (NASDAQ:PRFT) Lifted to Buy at Alliance Global Partners

Perficient (NASDAQ:PRFT) was upgraded by equities researchers at Alliance Global Partners from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, Briefing.com reports. The brokerage currently has a $67.00 price target on the digital transformation consultancy’s stock. Alliance Global Partners’ price objective suggests a potential upside of 48.49% from the stock’s previous close.

Several other equities research analysts have also issued reports on PRFT. JPMorgan Chase & Co. upped their price target on Perficient from $68.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Barrington Research reaffirmed an “outperform” rating and issued a $77.00 target price on shares of Perficient in a research report on Wednesday, February 28th. Guggenheim initiated coverage on Perficient in a research report on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 target price on the stock. Finally, Scotiabank dropped their target price on Perficient from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Perficient presently has an average rating of “Hold” and a consensus target price of $69.67.

Perficient Stock Performance

PRFT stock opened at $45.12 on Tuesday. The company has a current ratio of 4.15, a quick ratio of 4.15 and a debt-to-equity ratio of 0.75. The firm has a market cap of $1.58 billion, a P/E ratio of 16.35, a P/E/G ratio of 1.09 and a beta of 1.43. Perficient has a 12-month low of $43.39 and a 12-month high of $96.93. The stock’s 50 day simple moving average is $58.96 and its 200 day simple moving average is $62.17.

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

Insider Transactions at Perficient

In other news, CFO Paul E. Martin sold 3,664 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 212,642 shares of the company’s stock, valued at $14,302,300.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Kevin Thomas Sheen sold 684 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was 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 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 at this link. Also, CFO Paul E. Martin sold 3,664 shares of the firm’s 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 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. Over the last quarter, insiders 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 large investors have recently bought and sold shares of the company. Arizona State Retirement System boosted its stake in Perficient by 1.8% during the third quarter. Arizona State Retirement System now owns 9,919 shares of the digital transformation consultancy’s stock valued at $574,000 after buying an additional 175 shares in the last quarter. Handelsbanken Fonder AB boosted its position in shares of Perficient by 3.8% in the 4th quarter. Handelsbanken Fonder AB now owns 5,412 shares of the digital transformation consultancy’s stock valued at $356,000 after purchasing an additional 200 shares during the period. Huntington National Bank boosted its position in shares of Perficient by 10.5% in the 3rd quarter. Huntington National Bank now owns 2,245 shares of the digital transformation consultancy’s stock valued at $130,000 after purchasing an additional 213 shares during the period. Parallel Advisors LLC boosted its position in shares of Perficient by 73.9% in the 4th quarter. Parallel Advisors LLC now owns 527 shares of the digital transformation consultancy’s stock valued at $35,000 after purchasing an additional 224 shares during the period. Finally, Comerica Bank boosted its position in shares of Perficient by 1.3% in the 4th quarter. Comerica Bank now owns 18,682 shares of the digital transformation consultancy’s stock valued at $1,230,000 after purchasing an additional 235 shares during the period. Institutional investors own 95.00% of the company’s stock.

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.