Perficient (NASDAQ:PRFT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note 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. “
A number of other research firms have also recently issued reports on PRFT. BidaskClub upgraded Perficient from a “hold” rating to a “buy” rating in a research note on Wednesday, December 20th. TheStreet upgraded Perficient from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. Maxim Group reiterated a “buy” rating and issued a $24.00 target price on shares of Perficient in a research note on Friday, February 16th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Perficient in a research note on Thursday, March 1st. Finally, ValuEngine upgraded Perficient from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Perficient presently has a consensus rating of “Buy” and an average target price of $24.00.
Perficient (NASDAQ:PRFT) last released its quarterly earnings data on Thursday, March 1st. The digital transformation consultancy reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. The firm had revenue of $133.48 million during the quarter, compared to the consensus estimate of $119.70 million. Perficient had a net margin of 3.83% and a return on equity of 8.90%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 earnings per share. equities analysts forecast that Perficient will post 1.11 EPS for the current year.
Perficient announced that its board has initiated a share repurchase plan on Thursday, March 1st that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the digital transformation consultancy to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other Perficient news, CEO Jeffrey S. Davis sold 4,649 shares of the firm’s stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $23.88, for a total value of $111,018.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Paul E. Martin sold 18,774 shares of the firm’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $23.21, for a total value of $435,744.54. The disclosure for this sale can be found here. Insiders sold 91,836 shares of company stock worth $2,115,017 over the last quarter. 3.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. MetLife Investment Advisors LLC bought a new stake in shares of Perficient during the fourth quarter valued at about $331,000. Millennium Management LLC raised its stake in shares of Perficient by 401.6% during the fourth quarter. Millennium Management LLC now owns 262,813 shares of the digital transformation consultancy’s stock valued at $5,012,000 after purchasing an additional 210,413 shares in the last quarter. Two Sigma Investments LP bought a new stake in shares of Perficient during the fourth quarter valued at about $2,031,000. Two Sigma Advisers LP raised its stake in shares of Perficient by 160.1% during the fourth quarter. Two Sigma Advisers LP now owns 81,548 shares of the digital transformation consultancy’s stock valued at $1,555,000 after purchasing an additional 50,200 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Perficient by 7.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 243,517 shares of the digital transformation consultancy’s stock valued at $4,644,000 after purchasing an additional 16,423 shares in the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Downgrades Perficient (PRFT) to Sell” was first published by Week Herald and is owned by of Week Herald. If you are reading this news story on another domain, it was copied illegally and republished in violation of US and international copyright law. The legal version of this news story can be accessed at https://weekherald.com/2018/03/14/zacks-investment-research-downgrades-perficient-prft-to-sell.html.
Perficient Company Profile
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.