Short Interest in Perficient (PRFT) Drops By 25.7%

Perficient (NASDAQ:PRFT) was the recipient of a large drop in short interest in the month of March. As of March 29th, there was short interest totalling 382,810 shares, a drop of 25.7% from the March 15th total of 515,043 shares. Approximately 1.1% of the company’s shares are short sold. Based on an average daily volume of 210,489 shares, the short-interest ratio is currently 1.8 days.

In related news, Chairman Jeffrey S. Davis sold 43,413 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $23.91, for a total value of $1,038,004.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Paul E. Martin sold 18,774 shares of the firm’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $23.21, for a total transaction of $435,744.54. The disclosure for this sale can be found here. Insiders sold a total of 91,836 shares of company stock valued at $2,115,017 in the last ninety days. Company insiders own 3.70% of the company’s stock.

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Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Perficient by 2.3% during the 4th quarter. BlackRock Inc. now owns 4,457,487 shares of the digital transformation consultancy’s stock valued at $85,003,000 after purchasing an additional 98,730 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Perficient by 10.8% during the 3rd quarter. Royce & Associates LP now owns 288,273 shares of the digital transformation consultancy’s stock valued at $5,670,000 after purchasing an additional 28,203 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Perficient by 3,261.0% during the 4th quarter. Bank of Montreal Can now owns 7,159 shares of the digital transformation consultancy’s stock valued at $136,000 after purchasing an additional 6,946 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Perficient by 35.6% during the 3rd quarter. New York State Common Retirement Fund now owns 48,688 shares of the digital transformation consultancy’s stock valued at $958,000 after purchasing an additional 12,788 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Perficient by 1,126.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 930,391 shares of the digital transformation consultancy’s stock valued at $18,078,000 after purchasing an additional 854,535 shares in the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.

Perficient stock opened at $23.86 on Friday. The firm has a market cap of $841.39, a PE ratio of 25.12 and a beta of 0.66. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.15. Perficient has a 1-year low of $16.20 and a 1-year high of $24.69.

Perficient (NASDAQ:PRFT) last released its quarterly earnings results on Thursday, March 1st. The digital transformation consultancy reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.02. The business had revenue of $133.48 million for the quarter, compared to the consensus estimate of $119.70 million. Perficient had a net margin of 3.83% and a return on equity of 8.90%. Perficient’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 EPS. research analysts expect that Perficient will post 1.11 EPS for the current year.

Perficient declared that its board has authorized a share repurchase plan on Thursday, March 1st that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the digital transformation consultancy to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

A number of equities research analysts have issued reports on PRFT shares. TheStreet raised shares of Perficient from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. Zacks Investment Research raised shares of Perficient from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Thursday, January 4th. Maxim Group reissued a “buy” rating and set a $27.00 target price on shares of Perficient in a research note on Wednesday, April 11th. ValuEngine raised shares of Perficient from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of Perficient in a research note on Thursday, March 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $24.75.

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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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