Perficient (NASDAQ:PRFT) Issues FY22 Earnings Guidance

Perficient (NASDAQ:PRFT – Get Rating) updated its FY22 earnings guidance on Thursday. The company provided earnings per share guidance of $4.24-4.36 for the period, compared to the consensus earnings per share estimate of $4.30. The company issued revenue guidance of $907-923 million, compared to the consensus revenue estimate of $932.62 million. Perficient also updated its FY 2022 guidance to $4.24-$4.36 EPS.

Analyst Ratings Changes

A number of brokerages recently commented on PRFT. Morgan Stanley began coverage on Perficient in a research note on Tuesday, April 26th. They set an equal weight rating and a $120.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on Perficient from $133.00 to $123.00 in a research note on Wednesday, July 20th. Scotiabank began coverage on Perficient in a research note on Thursday, June 30th. They set a sector outperform rating and a $110.00 price objective for the company. Maxim Group reiterated a buy rating and set a $140.00 price target on shares of Perficient in a research report on Friday. Finally, TheStreet upgraded Perficient from a c+ rating to a b- rating in a research report on Thursday, April 28th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $122.71.

Perficient Price Performance

Shares of Perficient stock traded down $4.27 during trading on Friday, hitting $88.81. The stock had a trading volume of 302,068 shares, compared to its average volume of 178,504. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.67 and a quick ratio of 2.38. The firm has a market cap of $3.08 billion, a P/E ratio of 41.70, a PEG ratio of 1.37 and a beta of 1.47. The business has a fifty day moving average of $95.53 and a two-hundred day moving average of $100.37. Perficient has a fifty-two week low of $86.24 and a fifty-two week high of $153.28.

Perficient (NASDAQ:PRFT – Get Rating) last announced its earnings results on Thursday, August 4th. The digital transformation consultancy reported $1.06 EPS for the quarter, beating the consensus estimate of $0.92 by $0.14. Perficient had a return on equity of 30.67% and a net margin of 9.01%. The business had revenue of $222.74 million during the quarter, compared to the consensus estimate of $228.07 million. During the same period in the prior year, the business posted $0.71 earnings per share. Perficient’s revenue was up 21.0% compared to the same quarter last year. On average, sell-side analysts expect that Perficient will post 3.76 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ralph C. Derrickson sold 5,000 shares of the company’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $96.15, for a total transaction of $480,750.00. Following the completion of the sale, the director now directly owns 37,281 shares of the company’s stock, valued at $3,584,568.15. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRFT. US Bancorp DE raised its position in Perficient by 22.2% during the first quarter. US Bancorp DE now owns 2,282 shares of the digital transformation consultancy’s stock valued at $251,000 after buying an additional 415 shares during the period. Natixis Advisors L.P. acquired a new position in Perficient in the 1st quarter worth about $1,742,000. Bank of Montreal Can increased its position in Perficient by 7.1% in the 1st quarter. Bank of Montreal Can now owns 24,675 shares of the digital transformation consultancy’s stock worth $2,830,000 after purchasing an additional 1,639 shares during the last quarter. MetLife Investment Management LLC increased its position in Perficient by 56.4% in the 1st quarter. MetLife Investment Management LLC now owns 17,325 shares of the digital transformation consultancy’s stock worth $1,907,000 after purchasing an additional 6,246 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in Perficient by 9.9% in the 1st quarter. Panagora Asset Management Inc. now owns 15,272 shares of the digital transformation consultancy’s stock worth $1,681,000 after purchasing an additional 1,372 shares during the last quarter. 89.37% of the stock is owned by institutional investors and hedge funds.

Perficient Company Profile

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Perficient, Inc provides digital consultancy services and solutions in the United States. The company offers strategy and consulting solutions in the areas of digital and technology strategy, management consulting, 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 portfolio.