In a report released today, Vincent Colicchio from Barrington maintained a Buy rating on The Hackett Group (NASDAQ: HCKT), with a price target of $22. The company’s shares closed yesterday at $18.86, close to its 52-week high of $19.33.
Colicchio wrote:
“We expect continued improvement in the company’s Oracle (ORCL: NOT RATED) business in the second half of 2018, which should have a meaningful impact on overall growth. Following a 5% year-over-year decline in Oracle- related revenue in Q2/18, we expect a flat comparison in Q3/18 and growth in Q4/18. We are confident in continued improvement due to a healthy pipeline and the company’s ability to use benchmarking data to improve the value of new software investments. The company has several large Oracle deals, in the $5-10 million range, in its pipeline.”
According to TipRanks.com, Colicchio is a 3-star analyst with an average return of 2.4% and a 50.0% success rate. Colicchio covers the Technology sector, focusing on stocks such as Sykes Enterprises Inc, Exlservice Holdings, and Convergys Corp.
The Hackett Group has an analyst consensus of Strong Buy, with a price target consensus of $23, which is a 22.0% upside from current levels. In a report issued on August 9, SunTrust Robinson also reiterated a Buy rating on the stock with a $23 price target.
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Based on The Hackett Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $11.52 million. In comparison, last year the company had a net profit of $4.75 million.
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The Hackett Group, Inc. operates as an intellectual property-based strategic consultancy and enterprise company, which engages in generating value for its clients, shareholders and associates. The firm offers benchmarking, executive advisory, business transformation, enterprise performance management, working capital management, implementing, training and advisory to global business services. It also provides dedicated expertise in business strategy, operations, finance, human capital management, strategic sourcing, procurement and information technology. The company was founded by Ted A. Fernandez and David N. Dungan in 1991 and is headquartered in Miami, FL.
