7,707 Shares in Parsons Co. (NYSE:PSN) Purchased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC bought a new stake in shares of Parsons Co. (NYSE:PSN) in the fourth quarter, Holdings Channel reports. The fund bought 7,707 shares of the company’s stock, valued at approximately $483,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Arizona State Retirement System increased its stake in Parsons by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 11,942 shares of the company’s stock valued at $649,000 after purchasing an additional 178 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Parsons by 1.6% in the fourth quarter. Jennison Associates LLC now owns 15,151 shares of the company’s stock worth $950,000 after buying an additional 239 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Parsons by 7.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,733 shares of the company’s stock valued at $297,000 after buying an additional 327 shares during the last quarter. Amalgamated Bank increased its position in shares of Parsons by 7.0% during the third quarter. Amalgamated Bank now owns 5,060 shares of the company’s stock valued at $275,000 after acquiring an additional 331 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in Parsons in the 3rd quarter worth approximately $38,000. Institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

Shares of NYSE PSN opened at $78.28 on Wednesday. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. Parsons Co. has a 12-month low of $42.79 and a 12-month high of $85.44. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 434.91, a price-to-earnings-growth ratio of 2.92 and a beta of 0.86. The firm has a 50 day moving average of $80.83 and a 200 day moving average of $70.27.

Parsons (NYSE:PSN) last posted its quarterly earnings data 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 return on equity of 11.27% and a net margin of 0.49%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business posted $0.45 EPS. Parsons’s revenue was up 36.4% on a year-over-year basis. On average, research analysts anticipate that Parsons Co. will post 2.57 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on PSN. The Goldman Sachs Group increased their target price on Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Raymond James raised Parsons from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $82.00 to $95.00 in a research report on Wednesday, May 1st. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and raised their price target for the company from $77.00 to $90.00 in a report on Friday, May 3rd. Benchmark reiterated a “buy” rating and issued a $68.00 price target on shares of Parsons in a research note on Thursday, April 4th. Finally, Truist Financial increased their price objective on shares of Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Parsons has a consensus rating of “Buy” and an average price target of $83.10.

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.