Perficient (NASDAQ:PRFT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Perficient is the leading digital transformation consulting firm with unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. Their work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers, suppliers, and partners; and reduce costs. Its solutions include big data and analytics, technology platform implementations, commerce, enterprise content management, portals and collaboration, management consulting, custom applications, business integration, business process management, and customer relationship management, among others. “
Other analysts have also recently issued research reports about the company. BidaskClub cut Perficient from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Maxim Group reiterated a “buy” rating and set a $24.00 target price on shares of Perficient in a research report on Friday, February 16th. ValuEngine upgraded Perficient from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price on shares of Perficient in a research report on Thursday, March 1st. Finally, SunTrust Banks increased their price target on Perficient to $26.00 and gave the company a “buy” rating in a research note on Monday, March 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $24.00.
Perficient (NASDAQ:PRFT) last released its earnings results on Thursday, March 1st. The digital transformation consultancy reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.02. Perficient had a return on equity of 8.90% and a net margin of 3.83%. The firm had revenue of $133.48 million during the quarter, compared to analysts’ expectations of $119.70 million. During the same quarter last year, the business posted $0.27 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. analysts forecast that Perficient will post 1.11 EPS for the current fiscal year.
Perficient declared that its Board of Directors has approved a share repurchase plan on Thursday, March 1st that permits the company to buyback $25.00 million in shares. This buyback authorization permits the digital transformation consultancy to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In related news, CFO Paul E. Martin sold 25,000 shares of the stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $21.21, for a total transaction of $530,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Jeffrey S. Davis sold 43,413 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $23.91, for a total value of $1,038,004.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,836 shares of company stock valued at $2,115,017. 3.70% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in PRFT. State Street Corp boosted its stake in Perficient by 4.2% during the second quarter. State Street Corp now owns 950,640 shares of the digital transformation consultancy’s stock valued at $17,721,000 after buying an additional 38,626 shares during the last quarter. First Trust Advisors LP bought a new position in Perficient during the third quarter valued at approximately $548,000. Victory Capital Management Inc. boosted its stake in Perficient by 47.7% during the third quarter. Victory Capital Management Inc. now owns 11,923 shares of the digital transformation consultancy’s stock valued at $235,000 after buying an additional 3,853 shares during the last quarter. Boston Partners bought a new stake in shares of Perficient in the 3rd quarter valued at approximately $4,778,000. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Perficient by 62.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 17,668 shares of the digital transformation consultancy’s stock valued at $348,000 after purchasing an additional 6,817 shares during the last quarter. 82.42% of the stock is owned by institutional investors.
COPYRIGHT VIOLATION NOTICE: “Perficient (PRFT) Cut to Sell at Zacks Investment Research” was originally published by American Banking News and is owned by of American Banking News. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://www.americanbankingnews.com/2018/03/14/perficient-prft-cut-to-sell-at-zacks-investment-research.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Perficient Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Perficient and related companies with MarketBeat.com's FREE daily email newsletter.