Parsons (NYSE:PSN) Given New $89.00 Price Target at Robert W. Baird

Parsons (NYSE:PSN - Get Free Report) had its price objective raised by stock analysts at Robert W. Baird from $85.00 to $89.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's target price points to a potential upside of 15.14% from the stock's previous close.

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

Parsons Trading Down 0.4 %

Shares of NYSE PSN traded down $0.33 during trading on Thursday, hitting $77.30. 1,254,290 shares of the company traded hands, compared to its average volume of 892,012. The company has a 50-day moving average price of $80.92 and a 200-day moving average price of $69.66. The company has a quick ratio of 1.52, a current ratio of 1.51 and a debt-to-equity ratio of 0.31. Parsons has a 1 year low of $42.79 and a 1 year high of $85.44. The firm has a market capitalization of $8.18 billion, a P/E ratio of 54.44, a P/E/G ratio of 3.49 and a beta of 0.86.

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

Institutional Trading of Parsons

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. bought a new position in Parsons during the 3rd quarter valued at about $240,000. Stratos Wealth Partners LTD. raised its stake in shares of Parsons by 22.3% in the third quarter. Stratos Wealth Partners LTD. now owns 6,995 shares of the company's stock worth $380,000 after acquiring an additional 1,274 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Parsons by 7.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,002 shares of the company's stock worth $1,087,000 after buying an additional 1,410 shares during the period. Teacher Retirement System of Texas grew its position in shares of Parsons by 8.5% during the 3rd quarter. Teacher Retirement System of Texas now owns 17,329 shares of the company's stock worth $942,000 after buying an additional 1,355 shares during the period. Finally, Legacy Wealth Asset Management LLC acquired a new stake in shares of Parsons during the 3rd quarter worth approximately $204,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

About Parsons

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.