Perspecta (NASDAQ:PRSP) Lifted to Hold at Zacks Investment Research

Perspecta (NASDAQ:PRSP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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. “

Several other equities analysts have also weighed in on PRSP. Goldman Sachs Group assumed coverage on shares of Perspecta in a research report on Thursday, May 9th. They set a “sell” rating and a $21.00 price objective for the company. Cowen lowered shares of Perspecta from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $28.00 to $26.00 in a research report on Monday, June 10th. Loop Capital raised their price objective on shares of Perspecta to $22.00 and gave the company a “hold” rating in a research report on Friday, June 7th. Finally, Morgan Stanley set a $21.00 price objective on shares of Perspecta and gave the company a “sell” rating in a research report on Monday, June 17th. Two research analysts have rated the stock with a sell rating, three have given 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 $25.17.

NASDAQ:PRSP opened at $21.49 on Tuesday. Perspecta has a twelve month low of $15.74 and a twelve month high of $26.64. The firm’s 50-day simple moving average is $23.29.

Perspecta (NASDAQ:PRSP) last posted its quarterly earnings data on Wednesday, August 14th. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the business posted $0.54 EPS. The business’s revenue for the quarter was up 47.5% on a year-over-year basis.

In other news, Director Philip O. Nolan bought 4,705 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was bought at an average cost of $21.49 per share, for a total transaction of $101,110.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Philip O. Nolan bought 4,366 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was purchased at an average price of $22.98 per share, with a total value of $100,330.68. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 13,328 shares of company stock valued at $300,927.

Institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC increased its position in shares of Perspecta by 13.9% during the fourth quarter. Jane Street Group LLC now owns 13,634 shares of the company’s stock worth $235,000 after purchasing an additional 1,665 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Perspecta by 17.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,840,545 shares of the company’s stock worth $31,688,000 after purchasing an additional 270,254 shares in the last quarter. Norges Bank acquired a new position in shares of Perspecta during the fourth quarter worth $35,504,000. Geode Capital Management LLC increased its position in shares of Perspecta by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 1,514,764 shares of the company’s stock worth $26,084,000 after purchasing an additional 104,041 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Perspecta during the first quarter worth $95,000.

About Perspecta

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