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

Perficient (NASDAQ:PRFT) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $71.00 to $59.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the digital transformation consultancy’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 22.18% from the stock’s previous close.

Several other equities research analysts also recently 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 for the company in a research note on Tuesday, April 23rd. Scotiabank cut their price target on Perficient from $65.00 to $50.00 and set a “sector perform” rating for the company in a research note on Monday. Guggenheim started coverage on shares of Perficient in a research report on Tuesday, March 19th. They issued a “neutral” rating and a $65.00 price objective on the stock. Finally, Barrington Research restated an “outperform” rating and issued a $77.00 target price on shares of Perficient in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Perficient has a consensus rating of “Hold” and an average target price of $65.17.

Perficient Stock Up 2.2 %

Shares of NASDAQ:PRFT traded up $1.05 during trading on Thursday, hitting $48.29. 377,475 shares of the company were exchanged, compared to its average volume of 266,709. The firm’s 50 day moving average price is $55.52 and its 200-day moving average price is $61.40. Perficient has a 12-month low of $42.51 and a 12-month high of $96.93. The company has a debt-to-equity ratio of 0.75, a current ratio of 4.15 and a quick ratio of 4.15. The stock has a market capitalization of $1.69 billion, a P/E ratio of 17.55, a PEG ratio of 1.15 and a beta of 1.46.

Perficient (NASDAQ:PRFT) last posted its earnings results on Tuesday, February 27th. The digital transformation consultancy reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.02). Perficient had a net margin of 10.91% and a return on equity of 23.39%. The firm had revenue of $220.79 million during the quarter, compared to analysts’ expectations of $223.79 million. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, research analysts predict that Perficient will post 3.42 earnings per share for the current fiscal year.

Insider Transactions at Perficient

In other news, SVP Kevin Thomas Sheen sold 684 shares of Perficient stock in a transaction 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 transaction, the senior vice president now owns 26,533 shares of the company’s stock, valued at approximately $1,831,838.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Perficient news, CFO Paul E. Martin sold 3,664 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was 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 in the company, valued at approximately $14,302,300.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kevin Thomas Sheen sold 684 shares of Perficient stock in a transaction 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 approximately $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 quarter. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Perficient

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new stake in shares of Perficient during the 1st quarter valued at about $25,000. GAMMA Investing LLC purchased a new stake in Perficient during the 4th quarter worth $28,000. Parallel Advisors LLC lifted its holdings 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 buying an additional 224 shares in the last quarter. NBC Securities Inc. purchased a new position in Perficient in the 3rd quarter valued at about $38,000. Finally, Principal Securities Inc. acquired a new stake in shares of Perficient during the fourth quarter valued at about $41,000. 95.00% of the stock is currently owned by institutional investors and hedge funds.

About Perficient

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.