Parsons (NYSE:PSN) Price Target Increased to $97.00 by Analysts at KeyCorp

Parsons (NYSE:PSN) had its target price upped by stock analysts at KeyCorp from $90.00 to $97.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price suggests a potential upside of 8.59% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Raymond James raised shares of Parsons from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $82.00 to $95.00 in a report on Wednesday, May 1st. The Goldman Sachs Group raised their price objective on Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Robert W. Baird upped their target price on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday. Stifel Nicolaus boosted their price objective on shares of Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Finally, Truist Financial reiterated a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a research report on Thursday. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $88.40.

Parsons Price Performance

Parsons stock traded down $2.04 during midday trading on Thursday, hitting $89.33. 867,822 shares of the company’s stock were exchanged, compared to its average volume of 886,027. The company has a market cap of $13.11 billion, a P/E ratio of 496.31, a PEG ratio of 2.29 and a beta of 0.81. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The stock has a 50-day moving average price of $78.24 and a two-hundred day moving average price of $77.08. Parsons has a 52-week low of $50.48 and a 52-week high of $91.44.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities research analysts forecast that Parsons will post 2.61 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

Large investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in Parsons by 162.5% in the first 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 during the period. Norges Bank bought a new position in Parsons in the 4th quarter worth $37,854,000. Vanguard Group Inc. lifted its position 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 worth $376,997,000 after purchasing an additional 421,085 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Parsons during the 4th quarter valued at about $24,062,000. Finally, SW Investment Management LLC purchased a new position in shares of Parsons during the fourth quarter valued at about $20,381,000. 98.02% of the stock is currently owned by institutional investors.

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.