Perficient (NASDAQ:PRFT) Releases FY22 Earnings Guidance

Perficient (NASDAQ:PRFTGet Rating) issued an update on its FY22 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.24-4.36 for the period, compared to the consensus 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.

Perficient Trading Down 4.6 %

NASDAQ:PRFT traded down $4.27 during trading hours on Friday, hitting $88.81. The stock had a trading volume of 302,068 shares, compared to its average volume of 178,504. Perficient has a one year low of $86.24 and a one year high of $153.28. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.38 and a current ratio of 2.67. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 41.70, a P/E/G ratio of 1.37 and a beta of 1.47. The business’s 50 day moving average is $95.53 and its 200-day moving average is $100.37.

Perficient (NASDAQ:PRFTGet Rating) last issued 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 net margin of 9.01% and a return on equity of 30.67%. The firm had revenue of $222.74 million during the quarter, compared to the consensus estimate of $228.07 million. During the same quarter in the prior year, the firm earned $0.71 earnings per share. The business’s quarterly revenue was up 21.0% on a year-over-year basis. Sell-side analysts anticipate that Perficient will post 3.76 EPS for the current fiscal year.

Analyst Ratings Changes

PRFT has been the subject of several research analyst reports. Scotiabank initiated coverage on shares of Perficient in a report on Thursday, June 30th. They issued a sector outperform rating and a $110.00 price target for the company. William Blair reiterated an outperform rating on shares of Perficient in a report on Thursday, June 9th. Morgan Stanley initiated coverage on shares of Perficient in a report on Tuesday, April 26th. They issued an equal weight rating and a $120.00 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of Perficient from $133.00 to $123.00 in a report on Wednesday, July 20th. Finally, TheStreet upgraded shares of Perficient from a c+ rating to a b- rating in a report on Thursday, April 28th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $122.71.

Insider Buying and Selling at Perficient

In other Perficient news, Director Ralph C. Derrickson sold 5,000 shares of the stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $96.15, for a total value of $480,750.00. Following the completion of the sale, the director now owns 37,281 shares in the company, valued at $3,584,568.15. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Perficient

Several large investors have recently modified their holdings of the stock. Blue Grotto Capital LLC increased its position in Perficient by 124.7% during the first quarter. Blue Grotto Capital LLC now owns 359,879 shares of the digital transformation consultancy’s stock worth $39,619,000 after acquiring an additional 199,689 shares during the period. Vanguard Group Inc. increased its position in Perficient by 5.3% during the first quarter. Vanguard Group Inc. now owns 3,799,310 shares of the digital transformation consultancy’s stock worth $418,266,000 after acquiring an additional 189,974 shares during the period. Capital International Investors increased its position in Perficient by 59.7% during the first quarter. Capital International Investors now owns 429,965 shares of the digital transformation consultancy’s stock worth $47,335,000 after acquiring an additional 160,757 shares during the period. Wellington Management Group LLP increased its position in Perficient by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,347,413 shares of the digital transformation consultancy’s stock worth $148,336,000 after acquiring an additional 75,164 shares during the period. Finally, S Squared Technology LLC bought a new position in Perficient in the 1st quarter valued at about $4,188,000. 89.37% of the stock is owned by institutional investors.

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.

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