Zacks Investment Research Upgrades Perspecta (NASDAQ:PRSP) to “Hold”
According to Zacks, “Perspecta delivers IT services and business solutions to all levels of government in the United States. Their enterprise-based offerings and solutions for U.S. government customers include: Cloud, Platform and IT Outsourcing Services, Enterprise and Cloud Applications, Enterprise Security, Mobility and Workplace, and Analytics. They have existing contracts with a range of public sector entities ranging from the U.S. Department of Veteran Affairs and the U.S. Department of Defense, to the United States Postal Service, the U.S. National Aeronautics and Space Administration, the U.S. Food and Drug Administration and large state and local government customers such as the county of San Diego, California. “
A number of other equities analysts have also issued reports on PRSP. Morgan Stanley raised their target price on Perspecta from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 24th. Wedbush lowered Perspecta from an “outperform” rating to a “neutral” rating in a research note on Tuesday, June 9th. Cowen started coverage on Perspecta in a research note on Friday, June 12th. They set a “hold” rating and a $26.00 price objective for the company. Wells Fargo & Co lifted their price objective on Perspecta from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, May 22nd. Finally, BidaskClub upgraded Perspecta from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The stock has an average rating of “Hold” and an average price target of $25.00.
Perspecta (NASDAQ:PRSP) last issued its earnings results on Thursday, May 21st. The company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.07 billion. The business’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $0.54 EPS.
In other news, CEO John M. Curtis bought 18,354 shares of Perspecta stock in a transaction on Wednesday, July 15th. The stock was acquired at an average price of $21.97 per share, with a total value of $403,237.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Philip O. Nolan bought 4,568 shares of Perspecta stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $21.27 per share, with a total value of $97,161.36. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 27,507 shares of company stock worth $601,131.
Several institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in shares of Perspecta in the fourth quarter valued at approximately $59,000. Advisor Group Holdings Inc. acquired a new stake in shares of Perspecta in the first quarter valued at approximately $104,000. Investment Counselors of Maryland LLC acquired a new stake in shares of Perspecta in the first quarter valued at approximately $158,000. Alpha Windward LLC increased its holdings in shares of Perspecta by 28.9% in the second quarter. Alpha Windward LLC now owns 8,767 shares of the company’s stock valued at $204,000 after purchasing an additional 1,963 shares during the last quarter. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of Perspecta in the first quarter valued at approximately $227,000.
Perspecta Company Profile
Perspecta Inc provides enterprise information technology (IT) services to government customers in the United States federal, state, and local markets. The company develops, modernizes, transforms, and manages customers' enterprise application portfolios enabling a shift of IT spend from maintenance and operations to innovation; and offers analytics and data services, as well as research, engineering, consulting, and technology solutions for government, including cybersecurity, cloud, quantum computing, network configuration, and data analytics capabilities.
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