Perficient (NASDAQ:PRFT) Price Target Lowered to $50.00 at Scotiabank

Perficient (NASDAQ:PRFT) had its price target trimmed by Scotiabank from $65.00 to $50.00 in a report issued on Monday, Benzinga reports. The firm currently has a sector perform rating on the digital transformation consultancy’s stock.

Several other research analysts also recently commented on the stock. Alliance Global Partners raised shares of Perficient from a neutral rating to a buy rating and set a $67.00 price target on the stock in a research note on Tuesday, April 23rd. Barrington Research reaffirmed an outperform rating and set a $77.00 target price on shares of Perficient in a research report on Monday. Guggenheim assumed coverage on Perficient in a report on Tuesday, March 19th. They issued a neutral rating and a $65.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on Perficient from $68.00 to $71.00 and gave the stock a neutral rating in a report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $67.17.

Perficient Stock Up 1.1 %

Shares of NASDAQ:PRFT opened at $43.46 on Monday. The firm has a market capitalization of $1.53 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 1.05 and a beta of 1.43. The business has a 50 day simple moving average of $56.36 and a two-hundred day simple moving average of $61.57. Perficient has a 1 year low of $42.51 and a 1 year high of $96.93. 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 issued its quarterly earnings results on Tuesday, February 27th. The digital transformation consultancy reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.02). The business had revenue of $220.79 million for the quarter, compared to the consensus estimate of $223.79 million. Perficient had a return on equity of 23.39% and a net margin of 10.91%. Perficient’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. On average, equities analysts predict that Perficient will post 3.42 EPS for the current year.

Insider Transactions at Perficient

In related news, SVP Kevin Thomas Sheen sold 684 shares of Perficient stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $69.04, for a total transaction of $47,223.36. Following the transaction, the senior vice president now directly owns 26,533 shares of the company’s stock, valued at $1,831,838.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Perficient news, CFO Paul E. Martin sold 3,664 shares of Perficient stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $67.26, for a total value of $246,440.64. Following the transaction, the chief financial officer now owns 212,642 shares in the company, valued at $14,302,300.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kevin Thomas Sheen sold 684 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $69.04, for a total transaction of $47,223.36. Following the sale, the senior vice president now directly owns 26,533 shares of the company’s stock, valued at $1,831,838.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,149 shares of company stock valued at $885,619. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in Perficient by 10.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 178,360 shares of the digital transformation consultancy’s stock valued at $11,740,000 after acquiring an additional 16,350 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Perficient by 328.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 185,856 shares of the digital transformation consultancy’s stock worth $10,754,000 after purchasing an additional 142,427 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Perficient by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 336,403 shares of the digital transformation consultancy’s stock worth $19,464,000 after purchasing an additional 16,817 shares in the last quarter. Townsquare Capital LLC grew its stake in Perficient by 389.3% during the 3rd quarter. Townsquare Capital LLC now owns 37,028 shares of the digital transformation consultancy’s stock worth $2,142,000 after buying an additional 29,460 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Perficient by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,316,958 shares of the digital transformation consultancy’s stock valued at $249,779,000 after buying an additional 158,842 shares in the last quarter. Hedge funds and other 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.