Zacks Investment Research Downgrades PRGX Global, Inc. (PRGX) to Hold

Zacks Investment Research cut shares of PRGX Global, Inc. (NASDAQ:PRGX) from a buy rating to a hold rating in a report published on Thursday, November 9th.

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 reiterated a buy rating and issued a $8.00 target price on shares of PRGX Global in a research report on Thursday, August 17th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $7.00.

PRGX Global (PRGX) traded up $0.20 on Thursday, hitting $7.40. The stock had a trading volume of 7,050 shares, compared to its average volume of 27,499. PRGX Global has a 12 month low of $5.10 and a 12 month high of $7.75. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.59 and a quick ratio of 1.59.

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In other PRGX Global news, SVP Tushar K. Sachdev sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $7.01, for a total value of $70,100.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew A. Drapkin bought 25,042 shares of the stock in a transaction dated Friday, November 10th. The shares were purchased at an average cost of $7.19 per share, for a total transaction of $180,051.98. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 76,359 shares of company stock worth $505,775. 14.96% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in PRGX. Thomson Horstmann & Bryant Inc. bought a new stake in PRGX Global during the second quarter worth $2,426,000. Northern Right Capital Management L.P. grew its stake in PRGX Global by 13.0% in the 2nd quarter. Northern Right Capital Management L.P. now owns 1,507,806 shares of the business services provider’s stock valued at $9,801,000 after purchasing an additional 173,222 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of PRGX Global by 5.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 726,299 shares of the business services provider’s stock worth $4,721,000 after acquiring an additional 34,620 shares during the period. Renaissance Technologies LLC grew its stake in shares of PRGX Global by 1.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,667,810 shares of the business services provider’s stock worth $10,674,000 after acquiring an additional 17,320 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of PRGX Global by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,183,504 shares of the business services provider’s stock worth $7,574,000 after acquiring an additional 13,531 shares during the period. Institutional investors and hedge funds own 70.73% of the company’s stock.

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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