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

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

Other research analysts have also issued reports about the company. Barrington Research reiterated an outperform rating and issued a $77.00 target price on shares of Perficient in a report on Monday, April 29th. Alliance Global Partners upgraded Perficient from a neutral rating to a buy rating and set a $67.00 price objective for the company in a research note on Tuesday, April 23rd. Guggenheim began coverage on shares of Perficient in a research note on Tuesday, March 19th. They set a neutral rating and a $65.00 target price on the stock. Finally, Scotiabank reduced their target price on shares of Perficient from $65.00 to $50.00 and set a sector perform rating on the stock in a 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. According to data from MarketBeat, Perficient has an average rating of Hold and a consensus target price of $65.17.

Perficient Stock Performance

Shares of Perficient stock opened at $48.11 on Thursday. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 1.17 and a beta of 1.46. 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 business has a 50-day moving average of $54.70 and a 200 day moving average of $61.28. Perficient has a 12 month low of $42.51 and a 12 month high of $96.93.

Perficient (NASDAQ:PRFT) last announced its quarterly earnings data on Tuesday, February 27th. The digital transformation consultancy reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.02). The business had revenue of $220.79 million during 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 company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 EPS. As a group, sell-side analysts forecast that Perficient will post 3.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Thomas J. Hogan sold 8,801 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 193,304 shares of the company’s stock, valued at approximately $13,001,627.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Perficient news, SVP Kevin Thomas Sheen sold 684 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 26,533 shares in the company, valued at $1,831,838.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Thomas J. Hogan sold 8,801 shares of the 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 $13,001,627.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,149 shares of company stock valued at $885,619. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of Perficient

Several institutional investors and hedge funds have recently bought and sold shares of PRFT. Allspring Global Investments Holdings LLC increased its stake in 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 purchasing an additional 16,350 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Perficient by 328.0% in the third quarter. Envestnet Asset Management Inc. now owns 185,856 shares of the digital transformation consultancy’s stock valued at $10,754,000 after acquiring an additional 142,427 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Perficient by 5.3% during 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 purchasing an additional 16,817 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Perficient by 389.3% during the 3rd quarter. Townsquare Capital LLC now owns 37,028 shares of the digital transformation consultancy’s stock worth $2,142,000 after purchasing an additional 29,460 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Perficient by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,316,958 shares of the digital transformation consultancy’s stock worth $249,779,000 after purchasing an additional 158,842 shares during the period. Hedge funds and other 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.