Parsons (NYSE:PSN) Given New $89.00 Price Target at Robert W. Baird

Parsons (NYSE:PSN) had its price objective increased by Robert W. Baird from $85.00 to $89.00 in a report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also recently issued reports on the company. Truist Financial raised their target price on Parsons from $84.00 to $100.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. KeyCorp boosted their target price on Parsons from $89.00 to $90.00 and gave the company an overweight rating in a research note on Friday, April 19th. Benchmark reaffirmed a buy rating and issued a $68.00 price target on shares of Parsons in a research note on Thursday, April 4th. The Goldman Sachs Group lifted their price target on shares of Parsons from $73.00 to $81.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Finally, Raymond James upgraded shares of Parsons from an outperform rating to a strong-buy rating and upped their price objective for the stock from $82.00 to $95.00 in a report on Wednesday. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $83.10.

Parsons Stock Performance

NYSE:PSN opened at $78.47 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.52 and a current ratio of 1.79. Parsons has a fifty-two week low of $42.79 and a fifty-two week high of $85.44. The business has a 50 day moving average price of $80.90 and a 200-day moving average price of $69.88. The firm has a market cap of $8.30 billion, a PE ratio of 435.97, a price-to-earnings-growth ratio of 3.49 and a beta of 0.86.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 36.4% compared to the same quarter last year. Equities research analysts predict that Parsons will post 2.57 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. bought a new stake in Parsons during the third quarter worth about $240,000. Stratos Wealth Partners LTD. grew its stake in shares of Parsons by 22.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,995 shares of the company’s stock worth $380,000 after buying an additional 1,274 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Parsons by 7.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,002 shares of the company’s stock worth $1,087,000 after buying an additional 1,410 shares during the last quarter. Teacher Retirement System of Texas increased its position in Parsons by 8.5% during the 3rd quarter. Teacher Retirement System of Texas now owns 17,329 shares of the company’s stock valued at $942,000 after buying an additional 1,355 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new position in Parsons during the third quarter valued at $204,000. 98.02% of the stock is currently 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.