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

Perficient (NASDAQ:PRFT) had its price objective lowered by Scotiabank from $65.00 to $50.00 in a report issued on Monday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the digital transformation consultancy’s stock.

A number of other equities research analysts have also recently commented on the stock. Alliance Global Partners raised shares of Perficient from a neutral rating to a buy rating and set a $67.00 price objective on the stock in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. increased their price objective on shares of Perficient from $68.00 to $71.00 and gave the company a neutral rating in a research note on Wednesday, February 28th. Guggenheim initiated coverage on shares of Perficient in a research note on Tuesday, March 19th. They issued a neutral rating and a $65.00 price objective on the stock. Finally, Barrington Research reissued an outperform rating and issued a $77.00 price objective on shares of Perficient in a research note on Monday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $67.17.

Perficient Stock Performance

Shares of PRFT opened at $47.24 on Monday. The company has a 50-day simple moving average of $55.92 and a 200-day simple moving average of $61.50. The company has a quick ratio of 4.15, a current ratio of 4.15 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $1.66 billion, a PE ratio of 17.12, a P/E/G ratio of 1.06 and a beta of 1.43. Perficient has a 52-week low of $42.51 and a 52-week high of $96.93.

Perficient (NASDAQ:PRFT) last announced 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). The company had revenue of $220.79 million during the quarter, compared to analysts’ expectations of $223.79 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 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.98 EPS. Equities 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, CEO Thomas J. Hogan sold 8,801 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total transaction of $591,955.26. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 sale, the chief executive officer now directly owns 193,304 shares of the company’s stock, valued at $13,001,627.04. The transaction was disclosed in a 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 stock was sold at an average price of $69.04, for a total transaction of $47,223.36. Following the completion of the sale, the senior vice president now directly owns 26,533 shares in the company, valued at $1,831,838.32. The disclosure for this sale can be found here. Insiders have sold 13,149 shares of company stock valued at $885,619 in the last ninety days. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Perficient

Several hedge funds have recently modified their holdings of PRFT. GAMMA Investing LLC acquired a new stake in shares of Perficient in the fourth quarter worth approximately $28,000. Parallel Advisors LLC raised its holdings in Perficient by 73.9% in the fourth quarter. Parallel Advisors LLC now owns 527 shares of the digital transformation consultancy’s stock valued at $35,000 after buying an additional 224 shares during the period. NBC Securities Inc. purchased a new position in Perficient in the third quarter valued at approximately $38,000. Principal Securities Inc. purchased a new position in Perficient in the fourth quarter valued at approximately $41,000. Finally, Park Place Capital Corp raised its holdings in Perficient by 41.1% in the first quarter. Park Place Capital Corp now owns 1,180 shares of the digital transformation consultancy’s stock valued at $66,000 after buying an additional 344 shares during the period. 95.00% of the stock is owned by institutional investors and hedge funds.

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.