Perficient (NASDAQ:PRFT) Given New $76.00 Price Target at Scotiabank

Perficient (NASDAQ:PRFT) had its price objective upped by research 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 target indicates a potential upside of 3.60% from the company’s previous close.

Several other analysts have also recently issued reports on PRFT. JPMorgan Chase & Co. decreased their target price on shares of Perficient from $71.00 to $59.00 and set a “neutral” rating on the stock in a research report on Thursday. Guggenheim assumed coverage on Perficient in a research report on Tuesday, March 19th. They set a “neutral” rating and a $65.00 price objective on the stock. William Blair reiterated a “market perform” rating on shares of Perficient in a report on Monday. Alliance Global Partners raised Perficient from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Tuesday, April 23rd. Finally, Needham & Company LLC restated a “hold” rating on shares of Perficient in a research report on Monday. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $69.50.

Perficient Price Performance

NASDAQ PRFT traded up $25.25 during trading on Monday, hitting $73.36. 10,218,623 shares of the stock traded hands, compared to its average volume of 385,442. 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 12-month low of $42.51 and a 12-month high of $96.93. The firm has a 50-day simple moving average of $54.70 and a 200-day simple moving average of $61.28. The company has a market capitalization of $2.57 billion, a P/E ratio of 26.59, a price-to-earnings-growth ratio of 1.17 and a beta of 1.46.

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

Insider Buying and Selling

In other Perficient news, CFO Paul E. Martin sold 3,664 shares of Perficient stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $67.26, for a total transaction of $246,440.64. Following the completion of the sale, the chief financial officer now directly owns 212,642 shares of the company’s stock, valued at approximately $14,302,300.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Paul E. Martin sold 3,664 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total transaction of $246,440.64. Following the transaction, the chief financial officer now directly owns 212,642 shares in the company, valued at $14,302,300.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas J. Hogan sold 8,801 shares of Perficient stock in a transaction that occurred 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 in the company, valued at $13,001,627.04. The disclosure for this sale can be found here. Insiders have sold 13,149 shares of company stock valued at $885,619 in the last 90 days. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Perficient

A number of institutional investors have recently added to or reduced their stakes in PRFT. Vanguard Group Inc. raised its holdings in Perficient by 3.8% in the third quarter. Vanguard Group Inc. now owns 4,316,958 shares of the digital transformation consultancy’s stock worth $249,779,000 after purchasing an additional 158,842 shares in the last quarter. Wellington Management Group LLP lifted its position in Perficient by 26.2% during the fourth quarter. Wellington Management Group LLP now owns 1,945,667 shares of the digital transformation consultancy’s stock valued at $128,064,000 after acquiring an additional 404,154 shares during the last quarter. Congress Asset Management Co. MA lifted its position in Perficient by 5.3% during the first quarter. Congress Asset Management Co. MA now owns 1,401,150 shares of the digital transformation consultancy’s stock valued at $78,871,000 after acquiring an additional 71,004 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Perficient by 12.6% in the third quarter. Victory Capital Management Inc. now owns 1,161,771 shares of the digital transformation consultancy’s stock worth $67,220,000 after purchasing an additional 130,099 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Perficient by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 958,595 shares of the digital transformation consultancy’s stock worth $63,097,000 after purchasing an additional 14,606 shares during the last quarter. Institutional investors own 95.00% of the company’s stock.

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.