Perspecta (NASDAQ:PRSP) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a research note issued to investors on Wednesday, 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 research analysts have also recently issued reports on PRSP. Morgan Stanley raised their target price on shares of Perspecta from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 24th. Wedbush lowered Perspecta from an "outperform" rating to a "neutral" rating in a research note on Tuesday, June 9th. Wells Fargo & Company raised their price target on Perspecta from $21.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Friday, May 22nd. Cowen initiated coverage on Perspecta in a research note on Friday, June 12th. They issued a "hold" rating and a $26.00 price target for the company. Finally, BidaskClub lowered Perspecta from a "sell" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. The company currently has a consensus rating of "Hold" and an average target price of $24.33.
Shares of Perspecta stock opened at $20.23 on Wednesday. Perspecta has a 52-week low of $14.03 and a 52-week high of $29.88. The company's 50 day moving average price is $21.07 and its 200-day moving average price is $21.45.
Perspecta (NASDAQ:PRSP) last issued its earnings results on Thursday, August 6th. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm's revenue for the quarter was up .1% on a year-over-year basis.
In other Perspecta news, Director Philip O. Nolan acquired 4,585 shares of Perspecta stock in a transaction that occurred on Monday, July 13th. The stock was bought at an average cost of $21.97 per share, for a total transaction of $100,732.45. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John M. Curtis acquired 2,500 shares of Perspecta stock in a transaction that occurred on Friday, September 4th. The stock was acquired at an average price of $19.93 per share, with a total value of $49,825.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 25,439 shares of company stock valued at $553,795.
Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. purchased a new stake in shares of Perspecta during the 1st quarter worth approximately $104,000. Investment Counselors of Maryland LLC bought a new position in shares of Perspecta during the 1st quarter worth $158,000. Alpha Windward LLC lifted its stake in shares of Perspecta by 28.9% during the 2nd quarter. Alpha Windward LLC now owns 8,767 shares of the company's stock worth $204,000 after purchasing an additional 1,963 shares during the last quarter. Magnus Financial Group LLC purchased a new stake in Perspecta in the second quarter valued at about $221,000. Finally, Profund Advisors LLC purchased a new stake in Perspecta in the second quarter valued at about $223,000.
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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