Perficient (NASDAQ:PRFT) was the target of a significant decline in short interest in the month of March. As of March 29th, there was short interest totalling 382,810 shares, a decline of 25.7% from the March 15th total of 515,043 shares. Based on an average daily volume of 210,489 shares, the short-interest ratio is currently 1.8 days. Currently, 1.1% of the shares of the company are short sold.
A number of equities analysts have recently commented on the company. BidaskClub lowered Perficient from a “buy” rating to a “hold” rating in a research note on Saturday, March 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Perficient in a research note on Thursday, March 1st. SunTrust Banks lifted their price objective on Perficient to $26.00 and gave the stock a “buy” rating in a research note on Monday, March 5th. ValuEngine upgraded Perficient from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, TheStreet upgraded Perficient from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Perficient has a consensus rating of “Buy” and a consensus target price of $24.75.
In other news, CFO Paul E. Martin sold 18,774 shares of Perficient stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $23.21, for a total value of $435,744.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Jeffrey S. Davis sold 43,413 shares of Perficient stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $23.91, for a total value of $1,038,004.83. The disclosure for this sale can be found here. Insiders sold 91,836 shares of company stock worth $2,115,017 over the last quarter. 3.70% of the stock is currently owned by corporate insiders.
Shares of PRFT opened at $23.86 on Tuesday. Perficient has a 12-month low of $16.20 and a 12-month high of $24.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a market cap of $824.26, a P/E ratio of 25.12 and a beta of 0.66.
Perficient (NASDAQ:PRFT) last issued its quarterly earnings results on Thursday, March 1st. The digital transformation consultancy reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.02. Perficient had a return on equity of 8.90% and a net margin of 3.83%. The firm had revenue of $133.48 million for the quarter, compared to analyst estimates of $119.70 million. During the same period in the previous year, the company posted $0.27 earnings per share. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. analysts anticipate that Perficient will post 1.11 EPS for the current fiscal year.
Perficient declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 1st that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the digital transformation consultancy to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
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Perficient Company Profile
Perficient, Inc provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software products developed by third-party vendors. Its solutions include portals and collaboration, such as searchable data systems, collaborative systems for process improvement, transaction processing, unified and extended reporting, and other services; and platform implementations services, including application server selection, architecture planning, installation and configuration, clustering for availability, performance assessment and issue remediation, security, and technology migrations.
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