Perficient (PRFT) Receives a Buy from Maxim Group


Maxim Group analyst Allen Klee reiterated a Buy rating on Perficient (NASDAQ: PRFT) today and set a price target of $34. The company’s shares closed yesterday at $25.73.

Klee noted:

“Summary We project 3Q18 revenue of $124.5M, slightly below consensus of $125.0M and up 0.6% y/y (impacted by accounting changes), adjusted EBITDA of $20.2M, roughly inline with consensus and adjusted EPS of $0.35, below consensus of $0.38. We remain positive on organic growth based on a healthy tech demand environment and a focus on faster areas of growth such as digital. A disciplined acquisition strategy supplements our 4.5% organic growth rate, as the company benefits from its two most recent deals. Any new deals could represent upside to our estimates. For 2018, our revenue estimate of $497.3M, up 2.5% y/y, is significantly impacted by accounting changes. Services revenue is projected to increase 12.2% over the same time period. We project non-GAAP EPS of $1.45 in 2018, $1.56 in 2019 and $1.76 in 2020.”

According to TipRanks.com, Klee is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.1% and a 30.3% success rate. Klee covers the Technology sector, focusing on stocks such as Helios & Matheson North America Inc, Net 1 Ueps, and Stampscom.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Perficient with a $32.67 average price target, a 27.0% upside from current levels. In a report issued on October 10, Barrington also initiated coverage with a Buy rating on the stock with a $31 price target.

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Based on Perficient’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $5.85 million. In comparison, last year the company had a net profit of $7.03 million.

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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 and 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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