Perficient, Inc. (NASDAQ:PRFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

A number of other brokerages also recently weighed in on PRFT. Maxim Group set a $20.00 price target on shares of Perficient and gave the stock a “buy” rating in a report on Saturday, June 24th. BidaskClub downgraded shares of Perficient from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $20.33.

Perficient (NASDAQ:PRFT) opened at 18.39 on Tuesday. The company has a market capitalization of $645.80 million, a price-to-earnings ratio of 44.64 and a beta of 0.91. The stock has a 50 day moving average of $17.97 and a 200 day moving average of $17.66. Perficient has a 12 month low of $14.15 and a 12 month high of $20.33.

Perficient (NASDAQ:PRFT) last issued its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $0.29 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.29. The company had revenue of $117 million for the quarter, compared to the consensus estimate of $119.21 million. Perficient had a net margin of 3.08% and a return on equity of 7.42%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 EPS. Equities analysts anticipate that Perficient will post $1.23 EPS for the current fiscal year.

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In related news, Director Ralph C. Derrickson sold 7,900 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $17.64, for a total value of $139,356.00. Following the sale, the director now directly owns 32,747 shares in the company, valued at approximately $577,657.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Perficient by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,120,591 shares of the information technology services provider’s stock valued at $39,528,000 after acquiring an additional 200,231 shares during the period. Vanguard Group Inc. raised its stake in Perficient by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,940,485 shares of the information technology services provider’s stock valued at $36,170,000 after acquiring an additional 81,226 shares during the period. Wellington Management Group LLP raised its stake in Perficient by 16.2% in the 1st 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 acquiring an additional 253,499 shares during the period. State Street Corp raised its stake in Perficient by 4.2% in the 2nd quarter. State Street Corp now owns 950,640 shares of the information technology services provider’s stock valued at $17,721,000 after acquiring an additional 38,626 shares during the period. Finally, Northern Trust Corp raised its stake in Perficient by 51.6% in the 2nd quarter. Northern Trust Corp now owns 831,358 shares of the information technology services provider’s stock valued at $15,497,000 after acquiring an additional 282,816 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

About Perficient

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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