Perficient (NASDAQ:PRFT) Sees Large Volume Increase Following Analyst Upgrade

Perficient, Inc. (NASDAQ:PRFT) saw an uptick in trading volume on Tuesday after Scotiabank raised their price target on the stock from $50.00 to $76.00. Scotiabank currently has a sector perform rating on the stock. 563,640 shares changed hands during trading, an increase of 38% from the previous session’s volume of 407,238 shares.The stock last traded at $73.28 and had previously closed at $73.26.

Other analysts have also recently issued reports about the stock. Alliance Global Partners upgraded shares of Perficient from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research note on Tuesday, April 23rd. Barrington Research reiterated an “outperform” rating and issued a $77.00 price objective on shares of Perficient in a research report on Monday, April 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Perficient in a research report on Monday. William Blair restated a “market perform” rating on shares of Perficient in a research note on Monday. Finally, Guggenheim started coverage on shares of Perficient in a research note on Tuesday, March 19th. They set a “neutral” rating and a $65.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $69.50.

Insider Activity

In other Perficient news, CEO Thomas J. Hogan sold 8,801 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total transaction of $591,955.26. Following the completion of the sale, the chief executive officer now owns 193,304 shares in the company, valued at approximately $13,001,627.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Thomas J. Hogan sold 8,801 shares of Perficient stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total transaction of $591,955.26. Following the transaction, the chief executive officer now directly owns 193,304 shares of the company’s stock, valued at $13,001,627.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Kevin Thomas Sheen sold 684 shares of Perficient 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 transaction, the senior vice president now owns 26,533 shares in the company, valued at $1,831,838.32. The disclosure for this sale can be found here. Insiders have sold 13,149 shares of company stock valued at $885,619 over the last three months. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Perficient

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System increased its holdings 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 worth $574,000 after buying an additional 175 shares during the last quarter. Handelsbanken Fonder AB raised its stake in Perficient by 3.8% in the fourth quarter. Handelsbanken Fonder AB now owns 5,412 shares of the digital transformation consultancy’s stock valued at $356,000 after buying an additional 200 shares during the period. Huntington National Bank lifted its position in shares of Perficient by 10.5% in the third quarter. Huntington National Bank now owns 2,245 shares of the digital transformation consultancy’s stock valued at $130,000 after buying an additional 213 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Perficient by 73.9% during the 4th quarter. Parallel Advisors LLC now owns 527 shares of the digital transformation consultancy’s stock worth $35,000 after acquiring an additional 224 shares during the period. Finally, Comerica Bank increased its holdings in shares of Perficient by 1.3% during the 4th quarter. Comerica Bank now owns 18,682 shares of the digital transformation consultancy’s stock worth $1,230,000 after acquiring an additional 235 shares during the last quarter. Institutional investors own 95.00% of the company’s stock.

Perficient Stock Performance

The stock has a market capitalization of $2.57 billion, a P/E ratio of 26.54, a PEG ratio of 1.17 and a beta of 1.46. The stock’s 50-day simple moving average is $54.81 and its 200 day simple moving average is $61.39. The company has a debt-to-equity ratio of 0.75, a current ratio of 4.15 and a quick ratio of 4.15.

Perficient (NASDAQ:PRFT) last released its quarterly earnings results on Sunday, May 5th. The digital transformation consultancy reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. The business had revenue of $215.30 million for the quarter, compared to the consensus estimate of $224.99 million. Perficient had a net margin of 10.91% and a return on equity of 23.39%. Perficient’s revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.89 earnings per share. Research analysts expect that Perficient, Inc. will post 3.42 EPS for the current fiscal year.

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.