Parsons (NYSE:PSN) Price Target Raised to $89.00 at Robert W. Baird

Parsons (NYSE:PSN) had its price target raised by research analysts at Robert W. Baird from $85.00 to $89.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 14.66% from the company’s previous close.

Several other equities analysts have also commented on the stock. Benchmark restated a “buy” rating and set a $68.00 price target on shares of Parsons in a research report on Thursday, April 4th. The Goldman Sachs Group increased their target price on shares of Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Raymond James raised shares of Parsons from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $82.00 to $95.00 in a research note on Wednesday. Truist Financial raised their target price on shares of Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Finally, KeyCorp raised their target price on shares of Parsons from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $82.33.

Parsons Stock Down 1.1 %

Parsons stock opened at $77.62 on Thursday. The company has a 50-day simple moving average of $80.96 and a 200-day simple moving average of $69.61. The firm has a market capitalization of $8.21 billion, a P/E ratio of 54.66, a P/E/G ratio of 3.49 and a beta of 0.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.52 and a current ratio of 1.51. Parsons has a one year low of $42.22 and a one year high of $85.44.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.56 by $0.13. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.33 billion. Parsons had a net margin of 2.96% and a return on equity of 10.32%. The company’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts expect that Parsons will post 2.57 earnings per share for the current year.

Hedge Funds Weigh In On Parsons

Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc grew its stake in shares of Parsons by 5.8% in the 3rd quarter. Legal & General Group Plc now owns 536,292 shares of the company’s stock worth $29,147,000 after purchasing an additional 29,225 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Parsons in the 3rd quarter worth approximately $1,117,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Parsons in the 3rd quarter worth approximately $984,000. Van ECK Associates Corp grew its stake in shares of Parsons by 68.0% in the 3rd quarter. Van ECK Associates Corp now owns 21,559 shares of the company’s stock worth $1,172,000 after purchasing an additional 8,724 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its holdings in shares of Parsons by 189.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 22,069 shares of the company’s stock worth $1,199,000 after buying an additional 14,456 shares during the period. Institutional investors and hedge funds 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.