Perficient (NASDAQ:PRFT) Sees Unusually-High 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 changed hands 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.

Several other brokerages also recently commented on PRFT. Barrington Research restated an “outperform” rating and set a $77.00 target price on shares of Perficient in a report on Monday, April 29th. William Blair restated a “market perform” rating on shares of Perficient in a report on Monday. JPMorgan Chase & Co. reduced their target price on shares of Perficient from $71.00 to $59.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Needham & Company LLC reissued a “hold” rating on shares of Perficient in a research note on Monday. Finally, Guggenheim started coverage on Perficient in a report on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $70.43.

Insider Buying and Selling at Perficient

In related 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 transaction, the chief financial officer now directly owns 212,642 shares of the company’s stock, valued at $14,302,300.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Perficient news, CFO Paul E. Martin sold 3,664 shares of the business’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 owns 212,642 shares of the company’s stock, valued at $14,302,300.92. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 value of $47,223.36. Following the completion of the sale, the senior vice president now directly owns 26,533 shares of the company’s stock, valued at $1,831,838.32. The disclosure for this sale can be found here. Insiders sold a total of 13,149 shares of company stock worth $885,619 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perficient

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fidelis Capital Partners LLC acquired a new position in Perficient in the 1st quarter valued at about $25,000. GAMMA Investing LLC acquired a new position in shares of Perficient in the fourth quarter valued at approximately $28,000. Parallel Advisors LLC increased its stake in shares of Perficient by 73.9% during the fourth 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. NBC Securities Inc. bought a new stake in Perficient in the 3rd quarter valued at $38,000. Finally, Principal Securities Inc. acquired a new position in Perficient in the 4th quarter valued at $41,000. 95.00% of the stock is currently owned by institutional investors and hedge funds.

Perficient Stock Up 0.0 %

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 firm has a 50-day simple moving average of $54.98 and a two-hundred day simple moving average of $61.52. The stock has a market cap of $2.57 billion, a P/E ratio of 26.55, a PEG ratio of 1.17 and a beta of 1.46.

Perficient (NASDAQ:PRFT) last announced its earnings results on Sunday, May 5th. The digital transformation consultancy reported $0.77 EPS for the quarter, hitting the consensus estimate of $0.77. The company had revenue of $215.30 million for the quarter, compared to analysts’ expectations of $224.99 million. Perficient had a net margin of 10.91% and a return on equity of 23.39%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period last year, the firm earned $0.89 earnings per share. Equities research analysts expect that Perficient, Inc. will post 3.42 earnings per share for the current fiscal year.

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.