Perficient (NASDAQ:PRFT) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Perficient (NASDAQ:PRFT) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. They currently have $42.00 target price on the digital transformation consultancy’s stock.

According to Zacks, “Perficient is the leading digital transformation consulting firm with unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. Their work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers, suppliers, and partners; and reduce costs. Its solutions include big data and analytics, technology platform implementations, commerce, enterprise content management, portals and collaboration, management consulting, custom applications, business integration, business process management, and customer relationship management, among others. “

Several other brokerages have also commented on PRFT. Nomura assumed coverage on shares of Perficient in a report on Friday, June 21st. They issued a buy rating and a $40.00 price target for the company. BidaskClub raised shares of Perficient from a buy rating to a strong-buy rating in a report on Thursday, June 20th. Barrington Research boosted their price target on shares of Perficient from $37.00 to $44.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Finally, Maxim Group reissued a buy rating and issued a $41.00 price target on shares of Perficient in a report on Wednesday, July 24th. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $38.33.

Shares of NASDAQ PRFT opened at $35.43 on Tuesday. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 2.08 and a beta of 0.87. The business has a fifty day moving average of $34.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.30 and a current ratio of 2.30. Perficient has a one year low of $20.92 and a one year high of $38.80.

Perficient (NASDAQ:PRFT) last issued its quarterly earnings results on Thursday, August 1st. The digital transformation consultancy reported $0.38 EPS for the quarter, hitting the consensus estimate of $0.38. The company had revenue of $141.90 million during the quarter, compared to analyst estimates of $137.05 million. Perficient had a net margin of 5.52% and a return on equity of 12.31%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 EPS. As a group, research analysts predict that Perficient will post 1.58 EPS for the current fiscal year.

In other news, Chairman Jeffrey S. Davis sold 25,302 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $36.42, for a total transaction of $921,498.84. Following the completion of the sale, the chairman now owns 429,691 shares of the company’s stock, valued at $15,649,346.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Kackley sold 7,928 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.55, for a total transaction of $281,840.40. Following the sale, the director now directly owns 33,708 shares of the company’s stock, valued at approximately $1,198,319.40. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its position in shares of Perficient by 10.9% during the 2nd quarter. Bank of Montreal Can now owns 129,339 shares of the digital transformation consultancy’s stock valued at $4,438,000 after acquiring an additional 12,667 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Perficient by 6.8% during the 2nd quarter. Schroder Investment Management Group now owns 352,238 shares of the digital transformation consultancy’s stock valued at $12,089,000 after acquiring an additional 22,316 shares during the last quarter. Monarch Partners Asset Management LLC boosted its position in shares of Perficient by 100.1% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 339,783 shares of the digital transformation consultancy’s stock valued at $11,661,000 after acquiring an additional 169,985 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Perficient by 10.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 226,175 shares of the digital transformation consultancy’s stock valued at $7,762,000 after acquiring an additional 20,596 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. boosted its position in shares of Perficient by 20.1% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 4,895 shares of the digital transformation consultancy’s stock valued at $168,000 after acquiring an additional 820 shares during the last quarter. 90.61% of the stock is owned by institutional investors and hedge funds.

Perficient Company Profile

Perficient, Inc provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software products developed by third-party vendors. Its solutions include portals and collaboration, such as searchable data systems, collaborative systems for process improvement, transaction processing, unified and extended reporting, commerce, content management, and other services; and platform implementations services, including application server selection, architecture planning, installation and configuration, clustering for availability, performance assessment and issue remediation, security, and technology migrations.

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