Truist Financial Raises Parsons (NYSE:PSN) Price Target to $100.00

Parsons (NYSE:PSN) had its price target raised by Truist Financial from $84.00 to $100.00 in a research report released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on PSN. KeyCorp increased their price objective on Parsons from $74.00 to $79.00 and gave the company an overweight rating in a research note on Thursday, February 15th. Robert W. Baird increased their price objective on Parsons from $75.00 to $85.00 and gave the company an outperform rating in a research note on Thursday, February 15th. Benchmark reissued a buy rating and set a $68.00 price objective on shares of Parsons in a research note on Thursday, April 4th. Finally, The Goldman Sachs Group increased their price objective on Parsons from $65.00 to $73.00 and gave the company a neutral rating in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $76.89.

Parsons Stock Down 0.3 %

Shares of PSN opened at $80.41 on Tuesday. The firm has a market cap of $8.51 billion, a P/E ratio of 56.63, a P/E/G ratio of 3.59 and a beta of 0.85. The stock has a 50 day simple moving average of $78.80 and a two-hundred day simple moving average of $67.41. 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.

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

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings 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 purchasing an additional 131,617 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Parsons by 56.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock worth $158,924,000 after purchasing an additional 1,420,028 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Parsons by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock worth $87,407,000 after purchasing an additional 105,648 shares in the last quarter. New York State Common Retirement Fund raised its holdings in Parsons by 62.3% in the first quarter. New York State Common Retirement Fund now owns 955,855 shares of the company’s stock worth $42,765,000 after purchasing an additional 366,816 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Parsons by 9.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock worth $58,148,000 after purchasing an additional 77,010 shares in the last quarter. 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.