Perficient, Inc. (NASDAQ:PRFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The firm presently has a $20.00 target price on the information technology services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 15.07% from the stock’s previous close.
According to Zacks, “PERFICIENT INC helps clients acquire and strengthen customer relationships, reduce costs and empower employees by creating an Enabled Enterprise. Through their Enabled Enterprise solutions, Global 3000 companies can drive dramatic return-on-investment by unlocking the power of their existing enterprise resource planning and legacy systems. “
Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $21.00 price objective on shares of Perficient in a research report on Sunday, April 2nd. Maxim Group set a $20.00 price objective on shares of Perficient and gave the company a “buy” rating in a research report on Thursday, May 4th. Finally, TheStreet downgraded shares of Perficient from a “b-” rating to a “c” rating in a research report on Tuesday, February 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $22.00.
Shares of Perficient (NASDAQ PRFT) opened at 17.38 on Friday. The firm’s 50 day moving average price is $17.08 and its 200 day moving average price is $17.64. Perficient has a 52-week low of $14.15 and a 52-week high of $22.66. The stock has a market cap of $612.59 million, a P/E ratio of 34.69 and a beta of 0.85.
Perficient (NASDAQ:PRFT) last issued its quarterly earnings data on Thursday, May 4th. The information technology services provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. Perficient had a net margin of 3.75% and a return on equity of 7.33%. The firm had revenue of $111.02 million during the quarter, compared to the consensus estimate of $114.23 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, analysts expect that Perficient will post $1.22 EPS for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of PRFT. Norges Bank purchased a new position in shares of Perficient during the fourth quarter valued at $10,850,000. Wellington Management Group LLP increased its position in shares of Perficient by 16.2% in the first quarter. Wellington Management Group LLP now owns 1,815,360 shares of the information technology services provider’s stock valued at $31,514,000 after buying an additional 253,499 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Perficient during the fourth quarter valued at $2,958,000. Investment Counselors of Maryland LLC increased its position in shares of Perficient by 14.4% in the first quarter. Investment Counselors of Maryland LLC now owns 1,059,205 shares of the information technology services provider’s stock valued at $18,388,000 after buying an additional 133,200 shares in the last quarter. Finally, FMR LLC increased its position in shares of Perficient by 2.8% in the fourth quarter. FMR LLC now owns 4,870,729 shares of the information technology services provider’s stock valued at $85,189,000 after buying an additional 133,038 shares in the last quarter. 78.38% of the stock is owned by institutional investors.
Perficient, Inc is an information technology and management consulting firm. The Company’s solutions include business intelligence and analytics, commerce, content management, custom applications, platform implementations, portals and collaboration, business integration and application program interfaces, management consulting, business process management, and customer relationship management, among others.
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