Parsons (NYSE:PSN) Given New $81.00 Price Target at The Goldman Sachs Group

Parsons (NYSE:PSN) had its price objective raised by investment analysts at The Goldman Sachs Group from $73.00 to $81.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 3.11% from the company’s current price.

Several other brokerages have also recently issued reports on PSN. Robert W. Baird lifted their price objective on Parsons from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Truist Financial lifted their price objective on Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. KeyCorp lifted their price objective on Parsons from $74.00 to $79.00 and gave the stock an “overweight” rating in a report on Thursday, February 15th. Finally, Benchmark reaffirmed a “buy” rating and set a $68.00 price objective on shares of Parsons in a report on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.78.

Parsons Stock Down 0.5 %

PSN opened at $78.56 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.52. The business has a 50 day simple moving average of $79.60 and a 200-day simple moving average of $68.02. The stock has a market capitalization of $8.31 billion, a P/E ratio of 55.32, a P/E/G ratio of 3.53 and a beta of 0.85. Parsons has a 12 month low of $42.22 and a 12 month high of $85.44.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.56 by $0.13. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Parsons had a return on equity of 10.32% and a net margin of 2.96%. The company’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period last year, the firm earned $0.45 EPS. On average, equities analysts anticipate that Parsons will post 2.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Parsons by 3.3% in the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock worth $223,912,000 after acquiring an additional 131,617 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Parsons by 56.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock valued at $158,924,000 after purchasing an additional 1,420,028 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Parsons by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock valued at $87,407,000 after purchasing an additional 105,648 shares during the period. New York State Common Retirement Fund grew its position in shares of Parsons by 62.3% in the first quarter. New York State Common Retirement Fund now owns 955,855 shares of the company’s stock valued at $42,765,000 after purchasing an additional 366,816 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Parsons by 9.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock valued at $58,148,000 after purchasing an additional 77,010 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

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.