Perficient (NASDAQ:PRFT) Sees Strong Trading Volume After Analyst Upgrade

Shares of Perficient, Inc. (NASDAQ:PRFT) saw unusually-strong trading volume on Tuesday after Scotiabank raised their price target on the stock from $50.00 to $76.00. Scotiabank currently has a sector perform rating on the stock. Approximately 563,640 shares were traded during trading, an increase of 38% from the previous session’s volume of 407,238 shares.The stock last traded at $73.28 and had previously closed at $73.26.

A number of other equities research analysts also recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Perficient in a report on Monday. JPMorgan Chase & Co. cut their price target on shares of Perficient from $71.00 to $59.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Alliance Global Partners raised shares of Perficient from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Tuesday, April 23rd. Barrington Research reissued an “outperform” rating and set a $77.00 price objective on shares of Perficient in a research note on Monday, April 29th. Finally, Guggenheim assumed coverage on Perficient in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 target price on the stock. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $70.43.

Insider Activity

In other Perficient news, CEO Thomas J. Hogan sold 8,801 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 SEC, which can be accessed through this link. In other Perficient 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 transaction of $591,955.26. Following the completion of the sale, the chief executive officer now directly owns 193,304 shares in the company, valued at $13,001,627.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Kevin Thomas Sheen sold 684 shares of Perficient stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $69.04, for a total value of $47,223.36. Following the completion of the transaction, the senior vice president now owns 26,533 shares in the company, valued at approximately $1,831,838.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,149 shares of company stock worth $885,619. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of Perficient by 10.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 178,360 shares of the digital transformation consultancy’s stock valued at $11,740,000 after acquiring an additional 16,350 shares during the period. Envestnet Asset Management Inc. raised its position in Perficient by 328.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 185,856 shares of the digital transformation consultancy’s stock valued at $10,754,000 after purchasing an additional 142,427 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Perficient by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 336,403 shares of the digital transformation consultancy’s stock worth $19,464,000 after buying an additional 16,817 shares during the period. Townsquare Capital LLC grew its position in shares of Perficient by 389.3% in the 3rd quarter. Townsquare Capital LLC now owns 37,028 shares of the digital transformation consultancy’s stock worth $2,142,000 after buying an additional 29,460 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Perficient during the fourth quarter valued at approximately $1,145,000. 95.00% of the stock is owned by hedge funds and other institutional investors.

Perficient Stock Performance

The business has a fifty day moving average of $55.17 and a 200 day moving average of $61.60. The company has a market cap of $2.58 billion, a P/E ratio of 26.65, a P/E/G ratio of 1.17 and a beta of 1.46. The company has a quick ratio of 4.15, a current ratio of 4.15 and a debt-to-equity ratio of 0.75.

Perficient (NASDAQ:PRFT) last issued its quarterly earnings data on Sunday, May 5th. The digital transformation consultancy reported $0.77 EPS for the quarter, hitting the consensus estimate of $0.77. The business had revenue of $215.30 million during the quarter, compared to analyst estimates of $224.99 million. Perficient had a net margin of 10.91% and a return on equity of 23.39%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.89 EPS. On average, equities analysts predict that Perficient, Inc. will post 3.42 EPS for the current year.

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.