Perficient (NASDAQ:PRFT) Price Target Cut to $59.00

Perficient (NASDAQ:PRFT) had its price target decreased by stock analysts at JPMorgan Chase & Co. from $71.00 to $59.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the digital transformation consultancy’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 22.64% from the company’s previous close.

A number of other research firms have also weighed in on PRFT. Guggenheim initiated coverage on shares of Perficient in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 price objective on the stock. Barrington Research reissued an “outperform” rating and issued a $77.00 price target on shares of Perficient in a report on Monday, April 29th. Scotiabank cut their target price on shares of Perficient from $65.00 to $50.00 and set a “sector perform” rating for the company in a report on Monday, April 29th. Finally, Alliance Global Partners upgraded shares of Perficient from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Perficient presently has an average rating of “Hold” and a consensus target price of $65.17.

Perficient Stock Performance

PRFT stock opened at $48.11 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 4.15 and a quick ratio of 4.15. The company has a market capitalization of $1.69 billion, a P/E ratio of 17.43, a PEG ratio of 1.15 and a beta of 1.46. The business has a 50-day moving average price of $55.12 and a 200 day moving average price of $61.31. Perficient has a 1-year low of $42.51 and a 1-year high of $96.93.

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

Insider Buying and Selling at Perficient

In related news, CEO Thomas J. Hogan sold 8,801 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total value of $591,955.26. Following the completion of the sale, the chief executive officer now owns 193,304 shares of the company’s stock, valued at $13,001,627.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 owns 26,533 shares of the company’s stock, valued at $1,831,838.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas J. Hogan sold 8,801 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 193,304 shares of the company’s stock, valued at approximately $13,001,627.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,149 shares of company stock worth $885,619. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Perficient

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Perficient by 3.8% during the third quarter. Vanguard Group Inc. now owns 4,316,958 shares of the digital transformation consultancy’s stock worth $249,779,000 after buying an additional 158,842 shares in the last quarter. Wellington Management Group LLP grew its holdings in Perficient by 26.2% during the 4th quarter. Wellington Management Group LLP now owns 1,945,667 shares of the digital transformation consultancy’s stock worth $128,064,000 after acquiring an additional 404,154 shares in the last quarter. Congress Asset Management Co. MA increased its position in shares of Perficient by 5.3% in the 1st 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 purchasing an additional 71,004 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Perficient by 12.6% in the 3rd quarter. Victory Capital Management Inc. now owns 1,161,771 shares of the digital transformation consultancy’s stock valued at $67,220,000 after purchasing an additional 130,099 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Perficient by 1.5% during the 4th 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. 95.00% of the stock is currently owned by institutional investors and hedge funds.

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.