Perficient PRFT shares rallied 8.7% in the last trading session to close at $47.26. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock’s 22% loss over the past four weeks.
The increase in share price can be attributed to the reports of the company mulling a potential sale. According to a Bloomberg report, Perficient is considering a possible sale. There has been no official comment on the matter from Perficient.
Citing sources familiar with the matter, Bloomberg further added that the company was holding discussions with various advisers to explore strategic options to understand buyer interest. According to the sources, the company is likely to gain attention from both industry players and private equity firms, added Bloomberg.
However, the report adds that nothing is final as of yet and it is also possible that Perficient continues to remain publicly traded.
This information technology consulting firm is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of -26%. Revenues are expected to be $215.33 million, down 7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Perficient, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock’s price usually doesn’t keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PRFT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
Perficient belongs to the Zacks Computer – Services industry. Another stock from the same industry, Forian Inc. FORA, closed the last trading session 1.9% lower at $2.62. Over the past month, FORA has returned -6.8%.
Forian’s consensus EPS estimate for the upcoming report has changed -200% over the past month to $0.03. Compared to the company’s year-ago EPS, this represents a change of +137.5%. Forian currently boasts a Zacks Rank of #4 (Sell).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
