Parsons (NYSE:PSN) Price Target Raised to $89.00

Parsons (NYSE:PSN) had its target price lifted by Robert W. Baird from $85.00 to $89.00 in a research note published on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other research analysts have also commented on PSN. Truist Financial increased their price objective on Parsons from $84.00 to $100.00 and gave the company a buy rating in a report on Tuesday, April 9th. Raymond James upgraded Parsons from an outperform rating to a strong-buy rating and increased their price target for the company from $82.00 to $95.00 in a report on Wednesday. Benchmark restated a buy rating and issued a $68.00 price objective on shares of Parsons in a research note on Thursday, April 4th. KeyCorp raised their target price on shares of Parsons from $89.00 to $90.00 and gave the company an overweight rating in a research note on Friday, April 19th. Finally, The Goldman Sachs Group lifted their target price on shares of Parsons from $73.00 to $81.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Parsons presently has a consensus rating of Buy and an average price target of $83.10.

Parsons Stock Performance

PSN stock opened at $78.47 on Thursday. The firm has a 50 day moving average of $80.90 and a two-hundred day moving average of $69.88. Parsons has a 12 month low of $42.79 and a 12 month high of $85.44. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of 435.97, a P/E/G ratio of 3.49 and a beta of 0.86. The company has a quick ratio of 1.52, a current ratio of 1.79 and a debt-to-equity ratio of 0.56.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.13. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Parsons had a net margin of 0.49% and a return on equity of 11.27%. Parsons’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. As a group, equities analysts anticipate that Parsons will post 2.57 EPS for the current fiscal year.

Institutional Trading of Parsons

Several hedge funds and other institutional investors have recently bought and sold shares of PSN. DekaBank Deutsche Girozentrale acquired a new position in shares of Parsons during the third quarter valued at about $38,000. TFO Wealth Partners LLC raised its holdings in Parsons by 18,200.0% in the 4th quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock valued at $46,000 after acquiring an additional 728 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Parsons in the 1st quarter worth approximately $62,000. Psagot Value Holdings Ltd. Israel grew its holdings in shares of Parsons by 700.0% during the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 1,112 shares of the company’s stock worth $70,000 after purchasing an additional 973 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Parsons by 126.0% during the 3rd quarter. Covestor Ltd now owns 1,521 shares of the company’s stock worth $83,000 after purchasing an additional 848 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

About Parsons

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.