Scotiabank Lowers Perficient (NASDAQ:PRFT) Price Target to $50.00

Perficient (NASDAQ:PRFT - Free Report) had its price objective lowered by Scotiabank from $65.00 to $50.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a sector perform rating on the digital transformation consultancy's stock.

A number of other analysts have also weighed in on the stock. Guggenheim began coverage on shares of Perficient in a report on Tuesday, March 19th. They set a neutral rating and a $65.00 target price for the company. JPMorgan Chase & Co. raised their price objective on shares of Perficient from $68.00 to $71.00 and gave the stock a neutral rating in a report on Wednesday, February 28th. Barrington Research restated an outperform rating and issued a $77.00 price objective on shares of Perficient in a report on Monday. Finally, Alliance Global Partners upgraded shares of Perficient from a neutral rating to a buy rating and set a $67.00 price objective for the company in a report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $67.17.

Perficient Trading Up 1.1 %

Shares of NASDAQ:PRFT traded up $0.47 on Monday, reaching $43.46. 537,754 shares of the company traded hands, compared to its average volume of 236,736. The business's 50-day simple moving average is $56.36 and its 200 day simple moving average is $61.57. Perficient has a 52 week low of $42.51 and a 52 week high of $96.93. The stock has a market capitalization of $1.53 billion, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 1.05 and a beta of 1.43. The company has a current ratio of 4.15, a quick ratio of 4.15 and a debt-to-equity ratio of 0.75.

Perficient (NASDAQ:PRFT - Get Free Report) last posted its earnings results 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 firm had revenue of $220.79 million for the quarter, compared to analysts' expectations of $223.79 million. Perficient had a return on equity of 23.39% and a net margin of 10.91%. The business's revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. As a group, equities analysts anticipate that Perficient will post 3.42 EPS for the current fiscal year.

Insider Activity

In other news, SVP Kevin Thomas Sheen sold 684 shares of Perficient stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $69.04, for a total transaction of $47,223.36. Following the completion of the transaction, the senior vice president now directly owns 26,533 shares in the company, valued at $1,831,838.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Paul E. Martin sold 3,664 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 transaction of $246,440.64. Following the completion of the sale, the chief financial officer now owns 212,642 shares of the company's stock, valued at $14,302,300.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kevin Thomas Sheen sold 684 shares of the firm's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $69.04, for a total transaction of $47,223.36. Following the sale, the senior vice president now directly owns 26,533 shares of the company's stock, valued at approximately $1,831,838.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,149 shares of company stock worth $885,619. Insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On Perficient

Several institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System increased its position in shares of Perficient by 1.8% during the third quarter. Arizona State Retirement System now owns 9,919 shares of the digital transformation consultancy's stock valued at $574,000 after acquiring an additional 175 shares in the last quarter. Handelsbanken Fonder AB grew its position in Perficient by 3.8% in the 4th quarter. Handelsbanken Fonder AB now owns 5,412 shares of the digital transformation consultancy's stock worth $356,000 after purchasing an additional 200 shares during the period. Huntington National Bank grew its position in Perficient by 10.5% in the 3rd quarter. Huntington National Bank now owns 2,245 shares of the digital transformation consultancy's stock worth $130,000 after purchasing an additional 213 shares during the period. Parallel Advisors LLC grew its position in Perficient by 73.9% in the 4th quarter. Parallel Advisors LLC now owns 527 shares of the digital transformation consultancy's stock worth $35,000 after purchasing an additional 224 shares during the period. Finally, Comerica Bank grew its position in Perficient by 1.3% in the 4th quarter. Comerica Bank now owns 18,682 shares of the digital transformation consultancy's stock worth $1,230,000 after purchasing an additional 235 shares during the period. Institutional investors own 95.00% of the company's stock.

Perficient Company Profile

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.