Parsons (NYSE:PSN) Given New $81.00 Price Target at The Goldman Sachs Group

Parsons (NYSE:PSN) had its price objective upped by The Goldman Sachs Group from $73.00 to $81.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts have also weighed in on PSN. Truist Financial raised their price target on shares of Parsons from $84.00 to $100.00 and gave the company a buy rating in a research note on Tuesday, April 9th. Robert W. Baird increased their price objective on shares of Parsons from $75.00 to $85.00 and gave the company an outperform rating in a report on Thursday, February 15th. Benchmark reiterated a buy rating and issued a $68.00 price objective on shares of Parsons in a report on Thursday, April 4th. Finally, KeyCorp increased their price objective on shares of Parsons from $74.00 to $79.00 and gave the company an overweight rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Parsons currently has an average rating of Moderate Buy and a consensus price target of $79.00.

Parsons Trading Down 0.4 %

Shares of Parsons stock opened at $77.47 on Tuesday. The firm has a market capitalization of $8.20 billion, a PE ratio of 54.56, a P/E/G ratio of 3.48 and a beta of 0.85. Parsons has a twelve month low of $42.22 and a twelve month high of $85.44. The firm’s 50-day moving average price is $80.00 and its 200 day moving average price is $68.24. The company has a current ratio of 1.51, a quick ratio of 1.52 and a debt-to-equity ratio of 0.31.

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

Institutional Trading of Parsons

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaMark Advisors LLC acquired a new stake in shares of Parsons during the 1st quarter worth approximately $403,000. Seaside Wealth Management Inc. acquired a new stake in shares of Parsons during the 1st quarter worth approximately $1,240,000. Hennessy Advisors Inc. increased its holdings in shares of 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 buying an additional 54,200 shares during the last quarter. Sunburst Financial Group LLC acquired a new stake in shares of Parsons during the 1st quarter worth approximately $499,000. Finally, Salem Investment Counselors Inc. increased its holdings in shares of 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 buying an additional 1,835 shares during the last quarter. 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.