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 analysts have also recently commented on the stock. Morgan Stanley began coverage on shares of Perspecta in a report on Monday, June 3rd. They set an “underweight” rating and a $20.00 price target for the company. Cowen cut shares of Perspecta from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $28.00 to $26.00 in a report on Monday, June 10th. Loop Capital raised their price target on shares of Perspecta to $22.00 and gave the stock a “hold” rating in a report on Friday, June 7th. Finally, Goldman Sachs Group began coverage on shares of Perspecta in a report on Thursday, May 9th. They set a “sell” rating and a $21.00 price target for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $25.17.
Perspecta (NASDAQ:PRSP) last released its earnings results on Thursday, June 6th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.06. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.08 billion. The business’s revenue was up 53.0% on a year-over-year basis. During the same period last year, the business earned $0.47 earnings per share.
In other Perspecta news, Director Philip O. Nolan bought 4,705 shares of Perspecta stock in a transaction on Tuesday, June 4th. The stock was purchased at an average cost of $21.49 per share, for a total transaction of $101,110.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Philip O. Nolan bought 4,399 shares of Perspecta stock in a transaction on Friday, May 3rd. The stock was acquired at an average price of $22.93 per share, with a total value of $100,869.07. The disclosure for this purchase can be found here. Insiders acquired 13,699 shares of company stock valued at $302,288 over the last quarter.
A number of hedge funds and other institutional investors have recently bought and sold shares of PRSP. Norges Bank acquired a new stake in Perspecta in the fourth quarter valued at approximately $35,504,000. Deprince Race & Zollo Inc. acquired a new stake in Perspecta in the first quarter valued at approximately $18,745,000. JPMorgan Chase & Co. lifted its stake in Perspecta by 81.0% in the first quarter. JPMorgan Chase & Co. now owns 1,666,248 shares of the company’s stock valued at $33,692,000 after acquiring an additional 745,898 shares during the last quarter. Lancaster Investment Management LLP acquired a new stake in Perspecta in the fourth quarter valued at approximately $9,018,000. Finally, Elliott Management Corp acquired a new stake in Perspecta in the fourth quarter valued at approximately $8,821,000.
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