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

Parsons (NYSE:PSN) had its target price lifted by Robert W. Baird from $85.00 to $89.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities analysts have also commented on the company. Benchmark reissued a buy rating and issued a $68.00 price objective on shares of Parsons in a research note on Thursday, April 4th. KeyCorp boosted their price objective on Parsons from $89.00 to $90.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Truist Financial boosted their price objective on Parsons from $84.00 to $100.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. Raymond James raised Parsons from an outperform rating to a strong-buy rating and boosted their price objective for the stock from $82.00 to $95.00 in a research note on Wednesday, May 1st. Finally, The Goldman Sachs Group boosted their price objective on Parsons from $73.00 to $81.00 and gave the stock a neutral rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Parsons has an average rating of Buy and an average price target of $83.10.

Parsons Stock Performance

Shares of NYSE:PSN opened at $78.47 on Thursday. The business’s fifty day moving average price is $80.90 and its two-hundred day moving average price is $69.97. Parsons has a fifty-two week low of $42.79 and a fifty-two week high of $85.44. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 435.97, a price-to-earnings-growth ratio of 2.92 and a beta of 0.86. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. The business’s revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, analysts predict that Parsons will post 2.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

Several hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale bought a new position in Parsons during the third quarter worth about $38,000. TFO Wealth Partners LLC boosted its holdings in Parsons by 18,200.0% during the fourth quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock worth $46,000 after buying an additional 728 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Parsons during the first quarter worth about $62,000. Psagot Value Holdings Ltd. Israel boosted its holdings in Parsons by 700.0% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 1,112 shares of the company’s stock worth $70,000 after buying an additional 973 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Parsons by 126.0% during the third quarter. Covestor Ltd now owns 1,521 shares of the company’s stock worth $83,000 after buying an additional 848 shares during the last quarter. 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.