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Needham Thinks Perficient’s Stock is Going to Recover

Needham analyst Mayank Tandon maintained a Buy rating on Perficient (PRFTResearch Report) today and set a price target of $120.00. The company’s shares closed last Thursday at $95.81, close to its 52-week low of $86.24.

According to TipRanks.com, Tandon is a 5-star analyst with an average return of 10.6% and a 50.2% success rate. Tandon covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Duck Creek Technologies, and Grid Dynamics Holdings.

Currently, the analyst consensus on Perficient is a Strong Buy with an average price target of $119.25, which is a 10.2% upside from current levels. In a report issued on July 20, J.P. Morgan also maintained a Buy rating on the stock with a $123.00 price target.

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Based on Perficient’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $222 million and net profit of $27.14 million. In comparison, last year the company earned revenue of $169 million and had a net profit of $13.59 million.

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRFT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Perficient, Inc. engages in the provision of business optimization and industry solutions. Its solutions include analytics, custom applications, management consulting, commerce, content management, business integration, customer relationship management, portals & collaboration, platform implementations, business process management, enterprise data and business intelligence, enterprise performance management, enterprise mobile, cloud services and digital marketing. The company was founded in 1998 and is headquartered in St. Louis, MO.

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