Parsons (NYSE:PSN) Stock Rating Upgraded by TD Cowen

Parsons (NYSE:PSN - Get Free Report) was upgraded by analysts at TD Cowen from a "hold" rating to a "buy" rating in a research note issued to investors on Friday, Marketbeat reports. The brokerage presently has a $90.00 price objective on the stock, up from their prior price objective of $77.00. TD Cowen's target price would suggest a potential upside of 14.71% from the stock's previous close.

PSN has been the topic of a number of other research reports. KeyCorp upped their price target on Parsons from $89.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, April 19th. Raymond James upgraded Parsons from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $82.00 to $95.00 in a research report on Wednesday. Benchmark restated a "buy" rating and set a $68.00 target price on shares of Parsons in a research report on Thursday, April 4th. Robert W. Baird upped their target price on Parsons from $85.00 to $89.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, The Goldman Sachs Group upped their target price on Parsons from $73.00 to $81.00 and gave the company a "neutral" rating in a research report 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. According to data from MarketBeat, Parsons currently has a consensus rating of "Buy" and an average target price of $83.10.

Parsons Price Performance

PSN traded up $1.16 on Friday, reaching $78.46. The stock had a trading volume of 801,569 shares, compared to its average volume of 890,960. Parsons has a fifty-two week low of $42.79 and a fifty-two week high of $85.44. The firm has a 50-day moving average of $80.90 and a 200-day moving average of $69.80. The company has a current ratio of 1.79, a quick ratio of 1.52 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of 435.91, a price-to-earnings-growth ratio of 3.45 and a beta of 0.86.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.13. Parsons had a return on equity of 11.27% and a net margin of 0.49%. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The business's revenue was up 36.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Parsons will post 2.57 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Parsons in the third quarter worth approximately $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 purchasing an additional 1,274 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Parsons by 7.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,002 shares of the company's stock worth $1,087,000 after purchasing an additional 1,410 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Parsons by 8.5% in the third quarter. Teacher Retirement System of Texas now owns 17,329 shares of the company's stock worth $942,000 after purchasing an additional 1,355 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new stake in shares of Parsons in the third quarter worth approximately $204,000. 98.02% of the stock is 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.