Parsons (NYSE:PSN) Price Target Raised to $81.00 at The Goldman Sachs Group

Parsons (NYSE:PSN) had its price objective raised by The Goldman Sachs Group from $73.00 to $81.00 in a research note published on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird raised their target price on shares of Parsons from $75.00 to $85.00 and gave the company an outperform rating in a research note on Thursday, February 15th. Truist Financial raised their price target 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. KeyCorp raised their price target on shares of Parsons from $74.00 to $79.00 and gave the company an overweight rating in a research report on Thursday, February 15th. Finally, Benchmark reissued a buy rating and set a $68.00 price target on shares of Parsons in a research report on Thursday, April 4th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $77.78.

Parsons Stock Performance

Shares of PSN opened at $77.80 on Tuesday. 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 one year low of $42.22 and a one year high of $85.44. The company has a 50-day simple moving average of $79.81 and a two-hundred day simple moving average of $68.08. The firm has a market capitalization of $8.23 billion, a PE ratio of 54.79, a price-to-earnings-growth ratio of 3.54 and a beta of 0.85.

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

Institutional Investors Weigh In On Parsons

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Parsons by 3.3% in the 3rd 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 during the period. Price T Rowe Associates Inc. MD grew its position in Parsons by 56.5% in the 2nd 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 during the period. Dimensional Fund Advisors LP boosted its stake in shares of Parsons by 8.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock worth $87,407,000 after acquiring an additional 105,648 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Parsons by 62.3% during the 1st quarter. New York State Common Retirement Fund now owns 955,855 shares of the company’s stock worth $42,765,000 after acquiring an additional 366,816 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Parsons by 9.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock worth $58,148,000 after acquiring an additional 77,010 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

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.