Perficient (NASDAQ:PRFT) Given New $59.00 Price Target at JPMorgan Chase & Co.

Perficient (NASDAQ:PRFT) had its price objective trimmed by JPMorgan Chase & Co. from $71.00 to $59.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the digital transformation consultancy’s stock.

PRFT has been the subject of a number of other research reports. Barrington Research reiterated an outperform rating and set a $77.00 target price on shares of Perficient in a research note on Monday. Scotiabank dropped their price objective on 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 Perficient in a research note on Tuesday, March 19th. They set a neutral rating and a $65.00 target price for the company. Finally, Alliance Global Partners raised Perficient from a neutral rating to a buy rating and set a $67.00 price target for the company in a report on Tuesday, April 23rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $65.17.

Perficient Stock Down 1.5 %

NASDAQ:PRFT traded down $0.74 during midday trading on Thursday, reaching $48.11. The company had a trading volume of 675,045 shares, compared to its average volume of 277,528. The stock’s fifty day simple moving average is $55.12 and its 200-day simple moving average is $61.31. The company has a current ratio of 4.15, a quick ratio of 4.15 and a debt-to-equity ratio of 0.75. Perficient has a 12-month low of $42.51 and a 12-month high of $96.93. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.15 and a beta of 1.46.

Perficient (NASDAQ:PRFT) last announced its quarterly earnings data on Tuesday, February 27th. The digital transformation consultancy reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.02). The company had revenue of $220.79 million for the quarter, compared to analyst estimates of $223.79 million. Perficient had a return on equity of 23.39% and a net margin of 10.91%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 earnings per share. On average, sell-side analysts anticipate that Perficient will post 3.42 earnings per share for the current fiscal year.

Insider Transactions at Perficient

In related news, CFO Paul E. Martin sold 3,664 shares of the company’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 sale, the chief financial officer now owns 212,642 shares in the company, valued at approximately $14,302,300.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Thomas J. Hogan sold 8,801 shares of the company’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 $591,955.26. Following the completion of the sale, the chief executive officer now owns 193,304 shares in the company, valued at $13,001,627.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Paul E. Martin sold 3,664 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $67.26, for a total transaction 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 $14,302,300.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,149 shares of company stock worth $885,619. Insiders own 2.50% of the company’s stock.

Institutional Trading of Perficient

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its stake in shares of Perficient by 10.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 178,360 shares of the digital transformation consultancy’s stock worth $11,740,000 after purchasing an additional 16,350 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Perficient by 328.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 185,856 shares of the digital transformation consultancy’s stock valued at $10,754,000 after acquiring an additional 142,427 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Perficient by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 336,403 shares of the digital transformation consultancy’s stock worth $19,464,000 after acquiring an additional 16,817 shares in the last quarter. Townsquare Capital LLC grew its holdings in shares of Perficient by 389.3% in the 3rd quarter. Townsquare Capital LLC now owns 37,028 shares of the digital transformation consultancy’s stock worth $2,142,000 after acquiring an additional 29,460 shares during the period. Finally, Vanguard Group Inc. boosted its position in Perficient by 3.8% during the third quarter. Vanguard Group Inc. now owns 4,316,958 shares of the digital transformation consultancy’s stock worth $249,779,000 after purchasing an additional 158,842 shares in the last quarter. Hedge funds and other institutional investors own 95.00% of the company’s stock.

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.