Is Perficient, Inc. (PRFT) A Good Stock To Buy?

With a general bullishness amongst the heavyweights, key hedge funds were breaking ground themselves. Two Sigma Advisors, managed by John Overdeck and David Siegel, established the most valuable position in Perficient, Inc. (NASDAQ:PRFT). Two Sigma Advisors had $1.1 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $1 million position during the quarter. The other funds with new positions in the stock are Mark Coe’s Coe Capital Management and Neil Chriss’s Hutchin Hill Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Perficient, Inc. (NASDAQ:PRFT) but similarly valued. These stocks are Newport Corporation (NASDAQ:NEWP), Marten Transport, Ltd (NASDAQ:MRTN), Del Taco Restaurants Inc (NASDAQ:TACO), and Agree Realty Corporation (NYSE:ADC). This group of stocks’ market valuations match PRFT’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NEWP 20 85174 2
MRTN 16 28821 0
TACO 24 161012 2
ADC 7 16159 -4

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $73 million. That figure was $9 million in PRFT’s case. Del Taco Restaurants Inc (NASDAQ:TACO) is the most popular stock in this table, while the least popular one is Agree Realty Corporation (NYSE:ADC). Although, Perficient, Inc. (NASDAQ:PRFT) is not the least popular stock in this group, hedge fund interest is still below average. This may indicate that it is a stock not worth considering; therefore, we’d rather spend our time researching stocks that hedge funds are piling on. In this case, TACO might be a better alternative.