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

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

A number of other research analysts also recently commented on the company. Benchmark reiterated a buy rating and issued a $68.00 price objective on shares of Parsons in a report on Thursday, April 4th. 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. KeyCorp raised their price target on Parsons from $74.00 to $79.00 and gave the stock an overweight rating in a research note on Thursday, February 15th. Finally, Robert W. Baird raised their price target on Parsons from $75.00 to $85.00 and gave the stock an outperform rating in a research note on Thursday, February 15th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $77.78.

Parsons Price Performance

Shares of NYSE PSN opened at $78.94 on Tuesday. The stock’s 50-day moving average is $79.34 and its two-hundred day moving average is $67.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.52. Parsons has a 1-year low of $42.22 and a 1-year high of $85.44. The company has a market cap of $8.35 billion, a price-to-earnings ratio of 55.59, a price-to-earnings-growth ratio of 3.60 and a beta of 0.85.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.13. Parsons had a return on equity of 10.32% and a net margin of 2.96%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the business earned $0.45 EPS. Parsons’s revenue was up 36.4% on a year-over-year basis. Analysts forecast that Parsons will post 2.55 EPS for the current fiscal year.

Institutional Trading of Parsons

A number of hedge funds have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. lifted its position in Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company’s stock worth $36,324,000 after acquiring an additional 54,200 shares during the period. Sunburst Financial Group LLC acquired a new stake in Parsons during the 1st quarter worth approximately $499,000. Salem Investment Counselors Inc. lifted its position in Parsons by 339.2% during the 1st quarter. Salem Investment Counselors Inc. now owns 2,376 shares of the company’s stock worth $197,000 after acquiring an additional 1,835 shares during the period. Kapitalo Investimentos Ltda lifted its position in Parsons by 246.6% during the 4th quarter. Kapitalo Investimentos Ltda now owns 8,211 shares of the company’s stock worth $515,000 after acquiring an additional 5,842 shares during the period. Finally, Quadrature Capital Ltd lifted its position in Parsons by 19.9% during the 4th quarter. Quadrature Capital Ltd now owns 24,642 shares of the company’s stock worth $1,546,000 after acquiring an additional 4,091 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

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.