Parsons (NYSE:PSN) Price Target Increased to $101.00 by Analysts at Benchmark

Parsons (NYSE:PSN) had its target price hoisted by equities research analysts at Benchmark from $68.00 to $101.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 14.10% from the stock’s previous close.

PSN has been the topic of a number of other reports. Truist Financial reissued a “buy” rating and set a $108.00 price target (up from $100.00) on shares of Parsons in a research report on Thursday. Stifel Nicolaus raised their price objective on Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. KeyCorp boosted their price objective on shares of Parsons from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday. TD Cowen raised Parsons from a “hold” rating to a “buy” rating and boosted their target price for the stock from $77.00 to $90.00 in a report on Friday, May 3rd. Finally, Raymond James upgraded shares of Parsons from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $82.00 to $95.00 in a report on Wednesday, May 1st. One investment 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 stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $91.70.

Parsons Trading Down 3.1 %

Shares of Parsons stock traded down $2.85 during trading on Thursday, reaching $88.52. 1,047,260 shares of the company were exchanged, compared to its average volume of 887,248. Parsons has a twelve month low of $50.48 and a twelve month high of $91.44. The business has a 50-day moving average price of $78.24 and a 200-day moving average price of $77.08. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 491.81, a P/E/G ratio of 2.29 and a beta of 0.81.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. Sell-side analysts anticipate that Parsons will post 2.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

Several hedge funds and other institutional investors have recently made changes to their positions in PSN. Principal Financial Group Inc. boosted its position in shares of Parsons by 162.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,005,140 shares of the company’s stock worth $83,376,000 after acquiring an additional 622,243 shares in the last quarter. Norges Bank bought a new stake in Parsons during the fourth quarter worth $37,854,000. Vanguard Group Inc. boosted its holdings in shares of Parsons by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after purchasing an additional 421,085 shares in the last quarter. Hennessy Advisors Inc. bought a new position in shares of Parsons in the 4th quarter valued at $24,062,000. Finally, SW Investment Management LLC acquired a new position in shares of Parsons during the 4th quarter worth $20,381,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.