The Goldman Sachs Group Raises Parsons (NYSE:PSN) Price Target to $81.00

Parsons (NYSE:PSN) had its target price raised by The Goldman Sachs Group from $73.00 to $81.00 in a report released on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts have also issued reports about the company. Benchmark reaffirmed a buy rating and set a $68.00 target price on shares of Parsons in a report on Thursday, April 4th. Truist Financial upped their target price on Parsons from $84.00 to $100.00 and gave the company a buy rating in a report on Tuesday, April 9th. KeyCorp upped their target price on Parsons from $74.00 to $79.00 and gave the company an overweight rating in a report on Thursday, February 15th. Finally, Robert W. Baird upped their target price on Parsons from $75.00 to $85.00 and gave the company an outperform rating in a report on Thursday, February 15th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Parsons has a consensus rating of Moderate Buy and a consensus target price of $77.78.

Parsons Stock Up 0.0 %

Shares of Parsons stock opened at $78.94 on Tuesday. The company has a quick ratio of 1.52, a current ratio of 1.51 and a debt-to-equity ratio of 0.31. The firm has a market cap of $8.35 billion, a P/E ratio of 55.59, a P/E/G ratio of 3.60 and a beta of 0.85. Parsons has a fifty-two week low of $42.22 and a fifty-two week high of $85.44. The business has a 50-day moving average price of $79.34 and a 200 day moving average price of $67.94.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.13. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.33 billion. Parsons had a return on equity of 10.32% and a net margin of 2.96%. Parsons’s quarterly revenue was up 36.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. On average, sell-side analysts forecast that Parsons will post 2.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Price T Rowe Associates Inc. MD lifted its position in Parsons by 56.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock worth $158,924,000 after purchasing an additional 1,420,028 shares during the period. Norges Bank acquired a new stake in Parsons in the fourth quarter worth approximately $31,511,000. Lord Abbett & CO. LLC acquired a new stake in Parsons in the first quarter worth approximately $20,520,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Parsons in the third quarter worth approximately $27,952,000. Finally, Vanguard Group Inc. lifted its position in Parsons by 15.2% in the first quarter. Vanguard Group Inc. now owns 3,128,822 shares of the company’s stock worth $121,084,000 after purchasing an additional 412,992 shares during the period. 98.02% of the stock is owned by institutional investors.

Parsons Company Profile

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.