Perficient, Inc. (PRFT) Upgraded to Buy at Zacks Investment Research

Perficient, Inc. (NASDAQ:PRFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, May 11th. The brokerage currently has a $19.00 price objective on the information technology services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.32% from the company’s previous close.

According to Zacks, “PERFICIENT INC helps clients acquire and strengthen customer relationships, reduce costs and empower employees by creating an Enabled Enterprise. Through their Enabled Enterprise solutions, Global 3000 companies can drive dramatic return-on-investment by unlocking the power of their existing enterprise resource planning and legacy systems. “

PRFT has been the topic of several other reports. TheStreet lowered shares of Perficient from a “b-” rating to a “c” rating in a research note on Tuesday, February 28th. Maxim Group set a $20.00 price target on shares of Perficient and gave the company a “buy” rating in a research note on Thursday, May 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $21.00 price target on shares of Perficient in a research note on Sunday, April 2nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $21.75.

Perficient (PRFT) opened at 17.38 on Thursday. The firm has a market capitalization of $612.59 million, a P/E ratio of 34.69 and a beta of 0.85. Perficient has a 1-year low of $14.15 and a 1-year high of $22.66. The stock has a 50 day moving average of $17.08 and a 200-day moving average of $17.64.

Perficient (NASDAQ:PRFT) last issued its quarterly earnings data on Thursday, May 4th. The information technology services provider reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. Perficient had a net margin of 3.75% and a return on equity of 7.33%. The business had revenue of $111.02 million for the quarter, compared to analyst estimates of $114.23 million. During the same period last year, the business posted $0.29 earnings per share. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. On average, equities research analysts anticipate that Perficient will post $1.22 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in Perficient by 9.7% in the first quarter. Goldman Sachs Group Inc. now owns 100,872 shares of the information technology services provider’s stock valued at $1,752,000 after buying an additional 8,934 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in Perficient during the first quarter valued at $429,000. Highbridge Capital Management LLC purchased a new position in Perficient during the first quarter valued at $253,000. State Street Corp raised its position in Perficient by 2.6% in the first quarter. State Street Corp now owns 912,014 shares of the information technology services provider’s stock valued at $15,834,000 after buying an additional 23,382 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Perficient by 11.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 169,581 shares of the information technology services provider’s stock valued at $2,944,000 after buying an additional 17,692 shares in the last quarter. Institutional investors own 78.38% of the company’s stock.

Perficient Company Profile

Perficient, Inc is an information technology and management consulting firm. The Company’s solutions include business intelligence and analytics, commerce, content management, custom applications, platform implementations, portals and collaboration, business integration and application program interfaces, management consulting, business process management, and customer relationship management, among others.

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