Parsons (NYSE:PSN) Given New $122.00 Price Target at KeyCorp

Parsons (NYSE:PSN) had its target price lifted by KeyCorp from $116.00 to $122.00 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently weighed in on the company. Truist Financial reaffirmed a “buy” rating and issued a $108.00 price target (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Benchmark boosted their price objective on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Raymond James lowered Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target for the company. in a research note on Wednesday, October 23rd. Finally, Robert W. Baird increased their price objective on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Parsons has an average rating of “Moderate Buy” and a consensus price target of $102.11.

Parsons Stock Performance

Shares of NYSE:PSN traded up $0.33 during trading on Thursday, reaching $108.49. The stock had a trading volume of 82,250 shares, compared to its average volume of 889,842. The stock has a fifty day simple moving average of $101.55 and a two-hundred day simple moving average of $87.82. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of 163.88, a P/E/G ratio of 2.37 and a beta of 0.80. Parsons has a 52 week low of $60.38 and a 52 week high of $112.19.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.88% and a net margin of 1.21%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. As a group, analysts anticipate that Parsons will post 2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

Institutional investors have recently modified their holdings of the business. Janney Montgomery Scott LLC purchased a new position in shares of Parsons in the 1st quarter worth about $1,451,000. Pullen Investment Management LLC purchased a new stake in Parsons in the first quarter worth $1,080,000. GSA Capital Partners LLP grew its stake in shares of Parsons by 267.0% in the 1st quarter. GSA Capital Partners LLP now owns 29,657 shares of the company’s stock worth $2,460,000 after buying an additional 21,575 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Parsons in the first quarter worth about $290,000. Finally, Quantbot Technologies LP raised its position in Parsons by 33.9% in the 1st quarter. Quantbot Technologies LP now owns 50,543 shares of the company’s stock worth $4,193,000 after buying an additional 12,784 shares during 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.