Parsons (NYSE:PSN) Price Target Raised to $100.00 at Truist Financial

Parsons (NYSE:PSN) had its price objective lifted by Truist Financial from $90.00 to $100.00 in a research report report published on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

PSN has been the subject of several other reports. Jefferies Financial Group lifted their price objective on Parsons from $70.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, July 2nd. Robert W. Baird lifted their price objective on Parsons from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 17th. KeyCorp raised their target price on Parsons from $84.00 to $87.00 and gave the company an “overweight” rating in a research note on Monday. The Goldman Sachs Group decreased their target price on Parsons from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, June 4th. Finally, Stifel Nicolaus began coverage on Parsons in a research report on Tuesday, June 24th. They issued a “buy” rating and a $81.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and an average price target of $90.80.

Parsons Stock Performance

PSN stock opened at $82.92 on Tuesday. The stock has a 50-day moving average price of $78.21 and a 200-day moving average price of $70.74. Parsons has a 1-year low of $54.56 and a 1-year high of $114.68. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47. The firm has a market cap of $8.86 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 4.32 and a beta of 0.63.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.04. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company posted $0.84 EPS. The business’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, equities research analysts expect that Parsons will post 3.58 earnings per share for the current year.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently added to or reduced their stakes in PSN. Public Employees Retirement System of Ohio boosted its stake in Parsons by 1.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company’s stock valued at $1,587,000 after purchasing an additional 194 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Parsons by 64.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,408 shares of the company’s stock valued at $868,000 after purchasing an additional 3,701 shares during the last quarter. Versant Capital Management Inc purchased a new position in shares of Parsons in the 1st quarter worth approximately $27,000. GAMMA Investing LLC lifted its holdings in Parsons by 19,411.1% during the first quarter. GAMMA Investing LLC now owns 61,460 shares of the company’s stock worth $3,639,000 after acquiring an additional 61,145 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in Parsons by 56.6% during the first quarter. Parallel Advisors LLC now owns 1,156 shares of the company’s stock worth $68,000 after acquiring an additional 418 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.