Parsons (NYSE:PSN) Given New $90.00 Price Target at KeyCorp

Parsons (NYSE:PSN) had its target price hoisted by equities researchers at KeyCorp from $89.00 to $90.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 15.68% from the company’s previous close.

Other analysts have also issued reports about the stock. Robert W. Baird increased their target price on shares of Parsons from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Benchmark reiterated a “buy” rating and set a $68.00 target price on shares of Parsons in a 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 report on Tuesday. Finally, Truist Financial increased their target price on shares of Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. One investment 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, Parsons currently has an average rating of “Moderate Buy” and an average target price of $79.00.

Parsons Stock Down 1.0 %

PSN opened at $77.80 on Friday. The business’s fifty day simple moving average is $79.81 and its 200 day simple moving average is $68.08. The company has a quick ratio of 1.52, a current ratio of 1.51 and a debt-to-equity ratio of 0.31. Parsons has a 52 week low of $42.22 and a 52 week high of $85.44. The stock has a market cap of $8.23 billion, a PE ratio of 54.79, a P/E/G ratio of 3.52 and a beta of 0.85.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.13. Parsons had a net margin of 2.96% and a return on equity of 10.32%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue was up 36.4% on a year-over-year basis. As a group, research analysts expect 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 have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Parsons by 3.3% in the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock worth $223,912,000 after buying an additional 131,617 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Parsons by 56.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock valued at $158,924,000 after purchasing an additional 1,420,028 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Parsons by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock valued at $87,407,000 after purchasing an additional 105,648 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Parsons by 62.3% during the first quarter. New York State Common Retirement Fund now owns 955,855 shares of the company’s stock valued at $42,765,000 after purchasing an additional 366,816 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Parsons by 9.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock valued at $58,148,000 after purchasing an additional 77,010 shares in the last quarter. 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.