Parsons (NYSE:PSN) PT Raised to $89.00 at Robert W. Baird

Parsons (NYSE:PSN) had its price target hoisted by equities research analysts at Robert W. Baird from $85.00 to $89.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 13.42% from the stock’s previous close.

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

Parsons Stock Performance

Shares of PSN stock traded up $1.17 on Thursday, reaching $78.47. The stock had a trading volume of 801,569 shares, compared to its average volume of 762,251. The company has a quick ratio of 1.52, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average is $80.90 and its two-hundred day moving average is $69.80. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 435.94, a P/E/G ratio of 3.44 and a beta of 0.86. Parsons has a 12 month low of $42.79 and a 12 month high of $85.44.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the business earned $0.45 EPS. Parsons’s quarterly revenue was up 36.4% on a year-over-year basis. On average, research analysts expect that Parsons will post 2.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Principal Financial Group Inc. lifted its stake in Parsons by 162.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,005,140 shares of the company’s stock valued at $83,376,000 after purchasing an additional 622,243 shares during the last quarter. Norges Bank bought a new position in shares of Parsons during the fourth quarter valued at $37,854,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Parsons during the third quarter valued at $27,952,000. Hennessy Advisors Inc. bought a new position in shares of Parsons during the fourth quarter valued at $24,062,000. Finally, SW Investment Management LLC bought a new position in shares of Parsons during the fourth quarter valued at $20,381,000. Institutional investors 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.