Parsons (NYSE:PSN) Price Target Raised to $89.00 at Robert W. Baird

Parsons (NYSE:PSN) had its price objective increased by equities researchers at Robert W. Baird from $85.00 to $89.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 14.66% from the stock’s previous close.

A number of other research analysts have also recently issued reports on PSN. Raymond James upgraded shares of Parsons from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $82.00 to $95.00 in a report on Wednesday. KeyCorp raised their target price on shares of Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. The Goldman Sachs Group raised 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, April 16th. Benchmark restated a “buy” rating and set a $68.00 target price on shares of Parsons in a report on Thursday, April 4th. Finally, Truist Financial raised 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 analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $82.33.

Parsons Stock Down 1.1 %

Shares of NYSE PSN opened at $77.62 on Thursday. The firm has a market capitalization of $8.21 billion, a PE ratio of 54.66, a price-to-earnings-growth ratio of 3.49 and a beta of 0.86. 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 has a 1 year low of $42.22 and a 1 year high of $85.44. The firm’s 50-day moving average is $80.96 and its 200-day moving average is $69.61.

Parsons (NYSE:PSN) last issued its 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. The company 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%. The company’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Equities analysts expect that Parsons will post 2.57 EPS for the current year.

Hedge Funds Weigh In On Parsons

Several hedge funds have recently made changes to their positions in PSN. Legal & General Group Plc grew its stake in shares of Parsons by 5.8% in the third quarter. Legal & General Group Plc now owns 536,292 shares of the company’s stock valued at $29,147,000 after buying an additional 29,225 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Parsons in the third quarter valued at $1,117,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Parsons in the third quarter valued at $984,000. Van ECK Associates Corp grew its stake in shares of Parsons by 68.0% in the third quarter. Van ECK Associates Corp now owns 21,559 shares of the company’s stock valued at $1,172,000 after buying an additional 8,724 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its position in Parsons by 189.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 22,069 shares of the company’s stock worth $1,199,000 after purchasing an additional 14,456 shares during the period. 98.02% of the stock is owned by institutional investors.

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.