Scotiabank Increases Perficient (NASDAQ:PRFT) Price Target to $76.00

Perficient (NASDAQ:PRFT) had its target price upped by stock analysts at Scotiabank from $50.00 to $76.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the digital transformation consultancy’s stock. Scotiabank’s price objective points to a potential upside of 3.60% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Alliance Global Partners upgraded Perficient from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a report on Tuesday, April 23rd. Barrington Research restated an “outperform” rating and set a $77.00 price target on shares of Perficient in a report on Monday, April 29th. Guggenheim initiated coverage on Perficient in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 price objective on the stock. Needham & Company LLC reissued a “hold” rating on shares of Perficient in a research report on Monday. Finally, JPMorgan Chase & Co. lowered their target price on Perficient from $71.00 to $59.00 and set a “neutral” rating on the stock in a report on Thursday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Perficient currently has a consensus rating of “Hold” and an average target price of $69.50.

Perficient Stock Up 52.5 %

Shares of PRFT traded up $25.25 during mid-day trading on Monday, hitting $73.36. 10,218,623 shares of the company’s stock were exchanged, compared to its average volume of 385,442. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 1.17 and a beta of 1.46. The firm has a fifty day moving average of $54.70 and a two-hundred day moving average of $61.28. The company has a quick ratio of 4.15, a current ratio of 4.15 and a debt-to-equity ratio of 0.75. Perficient has a twelve month low of $42.51 and a twelve month high of $96.93.

Perficient (NASDAQ:PRFT) last posted its earnings results on Tuesday, February 27th. The digital transformation consultancy reported $0.99 EPS 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 business had revenue of $220.79 million for the quarter, compared to analyst estimates of $223.79 million. During the same period in the previous year, the company earned $0.98 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts forecast that Perficient will post 3.42 earnings per share for the current year.

Insider Activity at Perficient

In related news, CFO Paul E. Martin sold 3,664 shares of the company’s 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 directly owns 212,642 shares in the company, valued at $14,302,300.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Thomas J. Hogan sold 8,801 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $67.26, for a total value of $591,955.26. Following the completion of the transaction, the chief executive officer now directly owns 193,304 shares of the company’s stock, valued at approximately $13,001,627.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Paul E. Martin sold 3,664 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now directly owns 212,642 shares in the company, valued at approximately $14,302,300.92. The disclosure for this sale can be found here. Insiders have sold 13,149 shares of company stock worth $885,619 over the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRFT. Fidelis Capital Partners LLC bought a new stake in shares of Perficient in the 1st quarter worth about $25,000. GAMMA Investing LLC acquired a new position in Perficient in the fourth quarter valued at about $28,000. Parallel Advisors LLC grew its stake in Perficient by 73.9% during the fourth quarter. Parallel Advisors LLC now owns 527 shares of the digital transformation consultancy’s stock worth $35,000 after buying an additional 224 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Perficient during the third quarter worth approximately $38,000. Finally, Principal Securities Inc. bought a new position in shares of Perficient in the fourth quarter valued at approximately $41,000. 95.00% of the stock is owned by institutional investors.

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.