Parsons (NYSE:PSN) Rating Increased to Strong-Buy at Raymond James

Raymond James upgraded shares of Parsons (NYSE:PSN) from an outperform rating to a strong-buy rating in a research note issued to investors on Wednesday, MarketBeat reports. Raymond James currently has $95.00 target price on the stock, up from their prior target price of $82.00.

A number of other research analysts have also commented on PSN. Robert W. Baird raised their price objective 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 lifted their price target on Parsons from $84.00 to $100.00 and gave the company a buy rating in a research report on Tuesday, April 9th. KeyCorp upped their price objective on Parsons from $89.00 to $90.00 and gave the company an overweight rating in a report on Friday, April 19th. The Goldman Sachs Group lifted their target price on Parsons from $73.00 to $81.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Finally, Benchmark reissued a buy rating and issued a $68.00 price target on shares of Parsons in a report on Thursday, April 4th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $81.89.

Parsons Trading Down 1.1 %

NYSE:PSN opened at $77.62 on Wednesday. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of 54.66, a PEG 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 1 year low of $42.22 and a 1 year high of $85.44. The business has a fifty day moving average of $80.96 and a 200-day moving average of $69.61.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 earnings per share 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 the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. Equities analysts predict that Parsons will post 2.57 earnings per share for the current year.

Hedge Funds Weigh In On Parsons

A number of institutional investors have recently bought and sold shares of PSN. Legal & General Group Plc increased its position in shares of Parsons by 5.8% in the third quarter. Legal & General Group Plc now owns 536,292 shares of the company’s stock worth $29,147,000 after acquiring an additional 29,225 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Parsons during the 3rd quarter worth approximately $1,117,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Parsons during the 3rd quarter worth approximately $984,000. Van ECK Associates Corp raised its stake in Parsons by 68.0% during the 3rd quarter. Van ECK Associates Corp now owns 21,559 shares of the company’s stock valued at $1,172,000 after purchasing an additional 8,724 shares during the period. Finally, Schonfeld Strategic Advisors LLC lifted 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 valued at $1,199,000 after purchasing an additional 14,456 shares in the last quarter. Hedge funds and other 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.