Perficient (NASDAQ:PRFT) Price Target Lowered to $120.00 at Needham & Company LLC

Perficient (NASDAQ:PRFTGet Rating) had its target price reduced by Needham & Company LLC from $145.00 to $120.00 in a research note issued to investors on Friday, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the digital transformation consultancy’s stock.

PRFT has been the subject of several other reports. William Blair reissued an outperform rating on shares of Perficient in a report on Thursday, June 9th. TheStreet raised Perficient from a c+ rating to a b- rating in a research note on Thursday, April 28th. Scotiabank initiated coverage on Perficient in a research note on Thursday, June 30th. They set a sector outperform rating and a $110.00 target price for the company. Morgan Stanley initiated coverage on Perficient in a research note on Tuesday, April 26th. They set an equal weight rating and a $120.00 target price for the company. Finally, Maxim Group restated a buy rating and issued a $140.00 price target on shares of Perficient in a report on Friday, April 29th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $122.71.

Perficient Stock Down 4.6 %

Shares of NASDAQ PRFT opened at $88.81 on Friday. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 41.70, a price-to-earnings-growth ratio of 1.37 and a beta of 1.47. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.67 and a quick ratio of 2.38. The business has a 50-day moving average of $95.53 and a two-hundred day moving average of $100.37. Perficient has a 1 year low of $86.24 and a 1 year high of $153.28.

Perficient (NASDAQ:PRFTGet Rating) last announced its quarterly earnings results on Thursday, August 4th. The digital transformation consultancy reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.14. Perficient had a return on equity of 30.67% and a net margin of 9.01%. The company had revenue of $222.74 million during the quarter, compared to the consensus estimate of $228.07 million. During the same period in the previous year, the business earned $0.71 EPS. Perficient’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, analysts forecast that Perficient will post 3.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Perficient

In other Perficient news, Director Ralph C. Derrickson sold 5,000 shares of the stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $96.15, for a total transaction of $480,750.00. Following the sale, the director now owns 37,281 shares in the company, valued at approximately $3,584,568.15. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Perficient

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Perficient by 5.3% during the first quarter. Vanguard Group Inc. now owns 3,799,310 shares of the digital transformation consultancy’s stock worth $418,266,000 after purchasing an additional 189,974 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Perficient by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,347,413 shares of the digital transformation consultancy’s stock worth $148,336,000 after purchasing an additional 75,164 shares during the last quarter. abrdn plc boosted its holdings in shares of Perficient by 16.7% during the first quarter. abrdn plc now owns 1,118,629 shares of the digital transformation consultancy’s stock worth $123,149,000 after purchasing an additional 159,959 shares during the last quarter. State Street Corp boosted its holdings in shares of Perficient by 2.6% during the first quarter. State Street Corp now owns 1,054,267 shares of the digital transformation consultancy’s stock worth $116,064,000 after purchasing an additional 26,216 shares during the last quarter. Finally, Geneva Capital Management LLC raised its position in shares of Perficient by 18.1% in the 2nd quarter. Geneva Capital Management LLC now owns 823,380 shares of the digital transformation consultancy’s stock worth $75,496,000 after buying an additional 126,155 shares during the period. Institutional investors and hedge funds own 89.37% of the company’s stock.

About Perficient

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Perficient, Inc provides digital consultancy services and solutions in the United States. The company offers strategy and consulting solutions in the areas of digital and technology strategy, management consulting, 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 portfolio.

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Analyst Recommendations for Perficient (NASDAQ:PRFT)

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