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

Perficient (NASDAQ:PRFT - Get Free Report) had its price objective dropped by research analysts at JPMorgan Chase & Co. from $71.00 to $59.00 in a report released on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the digital transformation consultancy's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 20.78% from the stock's current price.

Several other research analysts have also weighed in on the stock. Alliance Global Partners upgraded shares of Perficient from a "neutral" rating to a "buy" rating and set a $67.00 target price on the stock in a research report on Tuesday, April 23rd. 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 report on Monday. Guggenheim initiated coverage on shares of Perficient in a report on Tuesday, March 19th. They issued a "neutral" rating and a $65.00 price target on the stock. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $77.00 price target on shares of Perficient in a report on Monday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Perficient currently has an average rating of "Hold" and a consensus price target of $65.17.

Perficient Stock Performance

Shares of Perficient stock traded up $1.61 on Thursday, reaching $48.85. 812,977 shares of the stock were exchanged, compared to its average volume of 272,854. Perficient has a 1-year low of $42.51 and a 1-year high of $96.93. The company has a current ratio of 4.15, a quick ratio of 4.15 and a debt-to-equity ratio of 0.75. The business has a fifty day moving average price of $55.52 and a two-hundred day moving average price of $61.40. The firm has a market capitalization of $1.71 billion, a PE ratio of 17.55, a PEG ratio of 1.15 and a beta of 1.46.

Perficient (NASDAQ:PRFT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The digital transformation consultancy reported $0.99 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.01 by ($0.02). Perficient had a return on equity of 23.39% and a net margin of 10.91%. The firm had revenue of $220.79 million for the quarter, compared to analyst estimates of $223.79 million. During the same quarter last year, the firm earned $0.98 earnings per share. The company's revenue was down 5.1% compared to the same quarter last year. As a group, research analysts anticipate that Perficient will post 3.42 earnings per share for the current fiscal year.

Insider Activity at Perficient

In related news, CEO Thomas J. Hogan sold 8,801 shares of the company'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 $591,955.26. Following the transaction, 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 Securities & Exchange Commission, which is accessible through this link. In related news, CEO Thomas J. Hogan sold 8,801 shares of the company'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 $591,955.26. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin Thomas Sheen sold 684 shares of the company'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 transaction of $47,223.36. Following the transaction, 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 90 days, insiders have sold 13,149 shares of company stock valued at $885,619. Company insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Perficient

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fidelis Capital Partners LLC acquired a new position in Perficient during the first quarter worth approximately $25,000. GAMMA Investing LLC acquired a new stake in shares of Perficient in the fourth quarter worth $28,000. Parallel Advisors LLC increased its position in shares of Perficient by 73.9% in the fourth quarter. Parallel Advisors LLC now owns 527 shares of the digital transformation consultancy's stock worth $35,000 after acquiring an additional 224 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of Perficient in the third quarter worth $38,000. Finally, Principal Securities Inc. acquired a new stake in shares of Perficient in the fourth quarter worth $41,000. Institutional investors and hedge funds 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.