Yahoo Finance Perficient (PRFT) Expands Partnership With Dallas Mavericks
Perficient PRFT recently announced that it is expanding its partnership with the Dallas Mavericks NBA franchise.
Under the terms of the agreement, Perficient will benefit from the new multi-year agreement through a variety of marketing and corporate engagement benefits, including courtside and digital signage, and client hospitality amenities.
The recent agreement is expected to favor the company’s top-line growth in the coming quarters as it will benefit its Customer Experience and Digital Marketing business segment.
Perficient Expanding Partnerships to Aid Shares
The entire tech industry is reeling from global macroeconomic and geopolitical tensions. Developments such as trade disputes between the United States and China, recessions, instability and inflationary risks globally in U.S. Latin America, India, Canada, China and Europe have imparted negative sentiments about the stocks in the cyclical tech sector. This is reflected by the negative share price movement of Perficient and its peers Infosys INFY, Cognizant Technology Solutions CTSH and Wipro Limited WIT.
Perficient shares have plunged 48.8% in the year-to-date period compared with the 20% decline of the Zacks Computer - Services industry in the same period.
Infosys shares have lost 30.6% in the year-to-date period compared with the 36.2% decline of the Zacks Computers - IT Services industry in the same period.
Cognizant shares have fallen 34.5% in the year-to-date period compared with the Zacks Business - Software Services industry’s decline of 39.1% in the same period.
Wipro, part of the Zacks Business - Software Services industry, has also lost 49.4% in the year-to-date period.
Perficient, Inc. Price and Consensus
Perficient, Inc. price-consensus-chart | Perficient, Inc. Quote
However, to drive top-line growth in the coming quarters, Perficient, which currently carries Zacks Rank#3 (Hold), has been building partnerships with the Dallas Mavericks NBA franchise, Google cloud platform, Amazon web services and VMware. These partnerships will help attract new customers in the coming quarters. You can see the complete list of today’s Zacks #1 Rank stocks here.
Also, aiding Perficient’s top-line growth is its aggressive global expansion strategy through acquisitions of companies like Overactive. Overactive expanded Perficient’s global presence in South America across Uruguay, Colombia, Chile and Argentina.
In September 2022, it acquired Inflection Point systems, an approximately $15 million revenue-generating firm, which will expand PRFT’s solutions offerings.
Perficient expects third-quarter 2022 revenues to be in the range of $227 million to $233 million. The Zacks Consensus Estimate for revenues is pegged at $230.67 million, implying 19.63% year-over-year growth.
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