Parsons (NYSE:PSN) Price Target Increased to $81.00 by Analysts at The Goldman Sachs Group

Parsons (NYSE:PSN - Get Free Report) had its price target hoisted by stock analysts at The Goldman Sachs Group from $73.00 to $81.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target indicates a potential upside of 2.61% from the company's current price.

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

Parsons Stock Performance

Shares of NYSE:PSN traded up $0.03 during trading hours on Tuesday, hitting $78.94. The stock had a trading volume of 634,134 shares, compared to its average volume of 915,883. The stock's fifty day simple moving average is $79.08 and its 200 day simple moving average is $67.77. Parsons has a 1-year low of $42.22 and a 1-year high of $85.44. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of 55.49, a PEG ratio of 3.60 and a beta of 0.85. 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 (NYSE:PSN - Get Free Report) last announced 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. Parsons had a net margin of 2.96% and a return on equity of 10.32%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter last year, the business earned $0.45 earnings per share. Parsons's revenue was up 36.4% compared to the same quarter last year. Sell-side 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 hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. Raymond James & Associates boosted its stake in Parsons by 36.5% in the 1st quarter. Raymond James & Associates now owns 15,876 shares of the company's stock worth $614,000 after purchasing an additional 4,243 shares during the period. Group One Trading L.P. acquired a new position in Parsons in the 1st quarter worth approximately $27,000. HighTower Advisors LLC acquired a new position in Parsons in the 1st quarter worth approximately $242,000. MetLife Investment Management LLC boosted its stake in Parsons by 54.2% in the 1st quarter. MetLife Investment Management LLC now owns 15,664 shares of the company's stock worth $606,000 after purchasing an additional 5,504 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Parsons by 45.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 693,177 shares of the company's stock worth $26,827,000 after purchasing an additional 216,326 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.