PRGX Global (PRGX) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of PRGX Global (NASDAQ:PRGX) from a hold rating to a sell rating in a report issued on Thursday morning.
According to Zacks, “PRGX Global, Inc., formerly PRG-Schultz International, Inc., provides audit, analytics, and advisory services in order to improve client financial performance. The Company’s recovery audit services comprise taking client transaction data, transforming it for analysis, identification of errors, and working with vendors or providers to recover overpaid cash. It audits merchandise purchases, accounts payable, lease and property payments, telecom, freight, marketing and media expenses, taxes, import duties, and healthcare claims. The Company’s analytics services include fraud detection and prevention services, such as detecting, deterring, and preventing fraud; custom analytics services, including discovering the value of unstructured data; benchmarking services; and spend analytic services. Its advisory services consist of working capital optimization, enterprise cost reduction, finance transformation, and corporate performance management. The Company is headquartered in Atlanta, Georgia. “
Separately, B. Riley set a $8.00 price target on shares of PRGX Global and gave the company a buy rating in a report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $7.00.
In other PRGX Global news, Director Matthew A. Drapkin acquired 11,900 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was bought at an average price of $7.34 per share, for a total transaction of $87,346.00. Following the purchase, the director now owns 133,153 shares in the company, valued at approximately $977,343.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tushar K. Sachdev sold 10,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $7.01, for a total transaction of $70,100.00. The disclosure for this sale can be found here. Corporate insiders own 14.96% of the company’s stock.
Several hedge funds have recently made changes to their positions in PRGX. Thomson Horstmann & Bryant Inc. raised its stake in shares of PRGX Global by 44.8% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 722,119 shares of the business services provider’s stock valued at $5,127,000 after buying an additional 223,379 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of PRGX Global by 5.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 726,299 shares of the business services provider’s stock valued at $4,721,000 after buying an additional 34,620 shares in the last quarter. Cadence Capital Management LLC raised its stake in shares of PRGX Global by 9.2% in the 4th quarter. Cadence Capital Management LLC now owns 271,621 shares of the business services provider’s stock valued at $1,929,000 after buying an additional 22,783 shares in the last quarter. Monashee Investment Management LLC acquired a new position in shares of PRGX Global in the 4th quarter valued at $150,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of PRGX Global by 161.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 18,999 shares of the business services provider’s stock valued at $123,000 after buying an additional 11,730 shares in the last quarter. Institutional investors own 71.05% of the company’s stock.
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About PRGX Global
PRGX Global, Inc (PRGX), together with its subsidiaries, provides recovery audit and spend analytics services. The Company provides recovery audit, procure-to-pay performance improvement, spend analytics and risk management services principally to large businesses and government agencies. The Company operates through three segments: Recovery Audit Services-Americas, Recovery Audit Services-Europe/Asia-Pacific and Adjacent Services.
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