JPMorgan Chase & Co. Cuts Perficient (NASDAQ:PRFT) Price Target to $59.00

Perficient (NASDAQ:PRFT) had its target price trimmed by JPMorgan Chase & Co. from $71.00 to $59.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the digital transformation consultancy’s stock.

A number of other equities analysts have also recently commented on the company. Alliance Global Partners raised Perficient from a neutral rating to a buy rating and set a $67.00 price target for the company in a report on Tuesday, April 23rd. Guggenheim started coverage on shares of Perficient in a report on Tuesday, March 19th. They issued a neutral rating and a $65.00 target price for the company. Scotiabank reduced their price target on shares of Perficient from $65.00 to $50.00 and set a sector perform rating on the stock in a research note on Monday, April 29th. Finally, Barrington Research reiterated an outperform rating and set a $77.00 price objective on shares of Perficient in a research report on Monday, April 29th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Perficient has an average rating of Hold and a consensus target price of $65.17.

Perficient Price Performance

Shares of NASDAQ PRFT traded down $0.74 during mid-day trading on Thursday, reaching $48.11. The company had a trading volume of 675,055 shares, compared to its average volume of 487,744. Perficient has a one year low of $42.51 and a one year high of $96.93. The business’s 50-day simple moving average is $54.70 and its 200 day simple moving average is $61.25. The company has a debt-to-equity ratio of 0.75, a quick ratio of 4.15 and a current ratio of 4.15. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.17 and a beta of 1.46.

Perficient (NASDAQ:PRFT) last released its earnings results on Tuesday, February 27th. The digital transformation consultancy reported $0.99 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.02). The firm had revenue of $220.79 million during the quarter, compared to the consensus estimate of $223.79 million. Perficient had a net margin of 10.91% and a return on equity of 23.39%. Perficient’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. On average, research analysts predict that Perficient will post 3.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Perficient news, CFO Paul E. Martin sold 3,664 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total value of $246,440.64. Following the completion of the sale, the chief financial officer now directly owns 212,642 shares in the company, valued at $14,302,300.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Paul E. Martin sold 3,664 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 transaction of $246,440.64. Following the transaction, the chief financial officer now directly owns 212,642 shares of the company’s stock, valued at approximately $14,302,300.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 value of $591,955.26. Following the completion of the sale, 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 three months, insiders have sold 13,149 shares of company stock worth $885,619. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of Perficient

A number of hedge funds and other institutional investors have recently bought and sold shares of PRFT. Allspring Global Investments Holdings LLC grew its holdings in shares of Perficient by 10.1% during 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 buying an additional 16,350 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings 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 worth $10,754,000 after purchasing an additional 142,427 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Perficient by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 336,403 shares of the digital transformation consultancy’s stock worth $19,464,000 after purchasing an additional 16,817 shares during the last quarter. Townsquare Capital LLC lifted its holdings in shares of Perficient by 389.3% in the third quarter. Townsquare Capital LLC now owns 37,028 shares of the digital transformation consultancy’s stock valued at $2,142,000 after purchasing an additional 29,460 shares in the last quarter. Finally, Vanguard Group Inc. boosted 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 valued at $249,779,000 after buying an additional 158,842 shares during the last quarter. Institutional investors own 95.00% of the company’s stock.

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.