Parsons (NYSE:PSN) Upgraded by Raymond James to “Strong-Buy”

Raymond James upgraded shares of Parsons (NYSE:PSN) from an outperform rating to a strong-buy rating in a report released on Wednesday, Marketbeat.com reports. They currently have $95.00 price objective on the stock, up from their previous price objective of $82.00.

Other analysts also recently issued reports about the company. KeyCorp increased their price objective on Parsons from $89.00 to $90.00 and gave the company an overweight rating in a report on Friday, April 19th. The Goldman Sachs Group increased their price target on Parsons from $73.00 to $81.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Benchmark reaffirmed a buy rating and issued a $68.00 price objective on shares of Parsons in a research note on Thursday, April 4th. Robert W. Baird increased their target price on shares of Parsons from $75.00 to $85.00 and gave the company an outperform rating in a research report on Thursday, February 15th. Finally, Truist Financial boosted 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 equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $83.10.

Parsons Price Performance

Parsons stock opened at $78.47 on Wednesday. The stock has a 50-day moving average price of $80.90 and a two-hundred day moving average price of $69.88. Parsons has a 12 month low of $42.79 and a 12 month high of $85.44. The company has a market capitalization of $8.30 billion, a PE ratio of 435.97, a P/E/G ratio of 3.49 and a beta of 0.86. The company has a current ratio of 1.79, a quick ratio of 1.52 and a debt-to-equity ratio of 0.56.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.33 billion. During the same period last year, the company earned $0.45 EPS. The firm’s revenue was up 36.4% compared to the same quarter last year. Analysts expect that Parsons will post 2.57 EPS for the current year.

Institutional Trading of Parsons

Large investors have recently modified their holdings of the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Parsons during the first quarter worth $290,000. GSA Capital Partners LLP boosted its position in shares of Parsons by 267.0% during the 1st quarter. GSA Capital Partners LLP now owns 29,657 shares of the company’s stock worth $2,460,000 after purchasing an additional 21,575 shares in the last quarter. Pullen Investment Management LLC bought a new position in shares of Parsons during the 1st quarter worth about $1,080,000. Janney Montgomery Scott LLC acquired a new stake in shares of Parsons in the 1st quarter valued at about $1,451,000. Finally, Van ECK Associates Corp increased its position in Parsons by 276.2% in the 1st quarter. Van ECK Associates Corp now owns 144,127 shares of the company’s stock valued at $11,955,000 after buying an additional 105,812 shares in 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.