Perficient (NASDAQ:PRFT) will be snapped up by an affiliate of BPEA Private Equity Fund VIII (EQT Asia), a division of EQT AB, an investment organization, in an all-cash transaction valued at approximately $3 billion. Perficient is a digital consultancy firm with a current market capitalization of $1.69 billion. Shares of PRFT surged in pre-market trading following the announcement. However, PRFT stock has not performed well over the past year, declining by more than 30%.
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Details of the Deal
Under the terms of the agreement, Perficient shareholders will receive $76.00 per share in cash for each share of common stock held as of the deal’s closing. This purchase price reflects a 75% premium to Perficient’s closing stock price on April 29, 2024, and a 51% premium to Perficient’s 30-day volume-weighted average share price for the period ending on April 29.
The transaction is expected to close by the end of this year. Upon completion of the deal, Perficient will no longer be listed on the NASDAQ (NDX) and will transition to a private company.
PRFT’s First Quarter Results
In the first quarter, the company’s revenues declined by 7% year-over-year to $215.3 million but exceeded consensus forecasts of $214.8 million. Adjusted earnings came in at $0.77 per share, marking a 26% year-over-year decline but were in line with estimates.
What Is the Price Target for Perficient?
Analysts remain cautiously optimistic about PRFT stock, with a Moderate Buy consensus rating based on four Buys and four Holds. The average PRFT price target of $70.43 implies an upside potential of 46.4% from current levels.
