Parsons (NYSE:PSN) Upgraded by The Goldman Sachs Group to Buy Rating

The Goldman Sachs Group upgraded shares of Parsons (NYSE:PSN) from a neutral rating to a buy rating in a research report report published on Thursday, Marketbeat Ratings reports. The firm currently has $111.00 price target on the stock, up from their previous price target of $103.00.

A number of other research firms also recently issued reports on PSN. Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective for the company. in a report on Wednesday, October 23rd. Robert W. Baird raised their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. KeyCorp raised their price objective on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Truist Financial decreased their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $108.88.

Parsons Stock Performance

Shares of PSN stock opened at $97.00 on Thursday. The firm has a 50-day moving average of $103.57 and a 200-day moving average of $92.60. The company has a market cap of $10.30 billion, a P/E ratio of 146.94, a P/E/G ratio of 1.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. Parsons has a one year low of $61.10 and a one year high of $114.68.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Equities research analysts forecast that Parsons will post 3.02 EPS for the current fiscal year.

Institutional Trading of Parsons

Hedge funds and other institutional investors have recently modified their holdings of the business. State of New Jersey Common Pension Fund D bought a new stake in shares of Parsons in the third quarter valued at approximately $2,172,000. Oppenheimer & Co. Inc. raised its position in shares of Parsons by 37.7% in the third quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock valued at $2,490,000 after purchasing an additional 6,577 shares during the period. Aigen Investment Management LP bought a new stake in shares of Parsons in the third quarter valued at approximately $1,004,000. Peregrine Asset Advisers Inc. purchased a new position in Parsons during the second quarter valued at approximately $4,417,000. Finally, MetLife Investment Management LLC grew its stake in Parsons by 2,846.3% during the third quarter. MetLife Investment Management LLC now owns 24,130 shares of the company’s stock valued at $2,502,000 after acquiring an additional 23,311 shares in the last quarter. Institutional investors 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.