Perficient (PRFT) Downgraded by ValuEngine to “Buy”

ValuEngine downgraded shares of Perficient (NASDAQ:PRFT) from a strong-buy rating to a buy rating in a research note published on Tuesday.

A number of other research firms have also recently commented on PRFT. BidaskClub cut Perficient from a strong-buy rating to a buy rating in a research note on Friday, June 8th. Zacks Investment Research raised Perficient from a sell rating to a hold rating in a research note on Friday, April 27th. Maxim Group reissued a hold rating on shares of Perficient in a research note on Monday, April 23rd. SunTrust Banks increased their target price on Perficient to $26.00 and gave the company a buy rating in a research note on Monday, March 5th. Finally, Needham & Company LLC reissued a buy rating and issued a $25.00 target price on shares of Perficient in a research note on Thursday, March 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $26.25.

Perficient opened at $26.53 on Tuesday, according to Marketbeat. The firm has a market capitalization of $947.26 million, a P/E ratio of 27.93 and a beta of 0.64. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.15. Perficient has a 52 week low of $16.70 and a 52 week high of $27.51.

Perficient (NASDAQ:PRFT) last released its earnings results on Tuesday, May 1st. The digital transformation consultancy reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $120.94 million for the quarter, compared to analysts’ expectations of $115.90 million. Perficient had a return on equity of 9.70% and a net margin of 4.20%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 earnings per share. sell-side analysts anticipate that Perficient will post 1.15 earnings per share for the current fiscal year.

Perficient declared that its Board of Directors has initiated a share buyback plan on Thursday, March 1st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the digital transformation consultancy to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

In other news, COO Kathryn J. Henely sold 41,703 shares of the firm’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $24.18, for a total transaction of $1,008,378.54. Following the transaction, the chief operating officer now directly owns 234,298 shares of the company’s stock, valued at $5,665,325.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey S. Davis sold 1,500 shares of the firm’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $25.68, for a total value of $38,520.00. The disclosure for this sale can be found here. Insiders have sold 142,205 shares of company stock worth $3,572,161 over the last ninety days. Insiders own 3.50% of the company’s stock.

Large investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Perficient by 2.3% during the fourth quarter. BlackRock Inc. now owns 4,457,487 shares of the digital transformation consultancy’s stock valued at $85,003,000 after buying an additional 98,730 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Perficient by 3,261.0% in the fourth quarter. Bank of Montreal Can now owns 7,159 shares of the digital transformation consultancy’s stock worth $136,000 after purchasing an additional 6,946 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Perficient by 14.2% in the fourth quarter. Wells Fargo & Company MN now owns 75,648 shares of the digital transformation consultancy’s stock worth $1,442,000 after purchasing an additional 9,417 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its stake in shares of Perficient by 194.2% in the first quarter. Intrinsic Edge Capital Management LLC now owns 189,352 shares of the digital transformation consultancy’s stock worth $4,340,000 after purchasing an additional 125,000 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Perficient by 15.4% in the fourth quarter. Alliancebernstein L.P. now owns 176,160 shares of the digital transformation consultancy’s stock worth $3,359,000 after purchasing an additional 23,530 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Perficient Company Profile

Perficient, Inc provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software products developed by third-party vendors. Its solutions include portals and collaboration, such as searchable data systems, collaborative systems for process improvement, transaction processing, unified and extended reporting, and other services; and platform implementations services, including application server selection, architecture planning, installation and configuration, clustering for availability, performance assessment and issue remediation, security, and technology migrations.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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