Perficient, Inc. (NASDAQ:PRFT) Sees Large Increase in Short Interest

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Perficient, Inc. (NASDAQ:PRFT) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 2,570,000 shares, a growth of 12.2% from the December 15th total of 2,290,000 shares. Approximately 8.1% of the company’s shares are sold short. Based on an average daily trading volume, of 342,900 shares, the days-to-cover ratio is currently 7.5 days.

NASDAQ PRFT traded up $0.24 during trading on Thursday, reaching $49.64. 4,259 shares of the company’s stock traded hands, compared to its average volume of 346,902. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 40.98, a price-to-earnings-growth ratio of 2.11 and a beta of 0.83. The company’s 50 day simple moving average is $44.84 and its two-hundred day simple moving average is $39.12. Perficient has a 12-month low of $24.19 and a 12-month high of $49.94.

Perficient (NASDAQ:PRFT) last posted its earnings results on Thursday, November 7th. The digital transformation consultancy reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. The business had revenue of $144.68 million for the quarter, compared to the consensus estimate of $143.17 million. Perficient had a net margin of 5.94% and a return on equity of 13.21%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. Research analysts expect that Perficient will post 1.65 earnings per share for the current fiscal year.

PRFT has been the subject of a number of research analyst reports. Maxim Group reiterated a “buy” rating and set a $50.00 price objective on shares of Perficient in a report on Friday, November 8th. Zacks Investment Research upgraded shares of Perficient from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Friday, October 4th. National Securities initiated coverage on shares of Perficient in a report on Tuesday, October 22nd. They set a “buy” rating and a $46.00 price objective for the company. BidaskClub raised shares of Perficient from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 16th. Finally, ValuEngine downgraded shares of Perficient from a “hold” rating to a “sell” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $44.20.

In related news, Director David S. Lundeen sold 8,000 shares of Perficient stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $42.96, for a total transaction of $343,680.00. Following the completion of the sale, the director now owns 41,707 shares in the company, valued at approximately $1,791,732.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Paul E. Martin sold 15,000 shares of Perficient stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $47.59, for a total transaction of $713,850.00. Following the sale, the chief financial officer now owns 157,674 shares of the company’s stock, valued at approximately $7,503,705.66. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock valued at $1,755,930 in the last quarter. 2.90% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Perficient by 3.7% in the 2nd quarter. BlackRock Inc. now owns 5,135,589 shares of the digital transformation consultancy’s stock worth $176,252,000 after buying an additional 185,437 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Perficient by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,110,141 shares of the digital transformation consultancy’s stock worth $72,420,000 after buying an additional 40,694 shares during the last quarter. Northern Trust Corp grew its position in shares of Perficient by 1.1% in the 2nd quarter. Northern Trust Corp now owns 832,784 shares of the digital transformation consultancy’s stock worth $28,581,000 after buying an additional 9,275 shares during the last quarter. Royal Bank of Canada grew its position in shares of Perficient by 1.5% in the 2nd quarter. Royal Bank of Canada now owns 556,442 shares of the digital transformation consultancy’s stock worth $19,097,000 after buying an additional 8,003 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Perficient by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 422,816 shares of the digital transformation consultancy’s stock worth $14,512,000 after buying an additional 1,792 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

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, commerce, content management, 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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