Jefferies Financial Group Issues Positive Forecast for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN - Free Report) had its price objective hoisted by Jefferies Financial Group from $70.00 to $80.00 in a report issued on Wednesday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

A number of other research analysts also recently commented on the company. Truist Financial reaffirmed a "buy" rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a research note on Thursday, May 1st. KeyCorp dropped their target price on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird lowered shares of Parsons from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Bank of America cut their target price on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Parsons has an average rating of "Moderate Buy" and a consensus price target of $86.80.

Parsons Stock Performance

Shares of NYSE PSN traded up $1.12 during midday trading on Wednesday, hitting $75.03. 111,290 shares of the company's stock were exchanged, compared to its average volume of 1,195,999. The company's 50 day moving average price is $67.47 and its 200 day moving average price is $71.68. Parsons has a 12 month low of $54.56 and a 12 month high of $114.68. The firm has a market capitalization of $8.02 billion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 4.19 and a beta of 0.55. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Parsons announced that its board has authorized a stock buyback program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Parsons

A number of large investors have recently bought and sold shares of PSN. Strs Ohio bought a new stake in shares of Parsons in the 1st quarter valued at $1,255,000. Jones Financial Companies Lllp raised its holdings in shares of Parsons by 433.9% during the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock valued at $75,000 after purchasing an additional 1,024 shares during the period. Scientech Research LLC acquired a new stake in shares of Parsons in the 1st quarter valued at about $841,000. Paradoxiom Capital L.P. increased its position in Parsons by 134.9% in the 1st quarter. Paradoxiom Capital L.P. now owns 137,561 shares of the company's stock valued at $8,145,000 after buying an additional 79,005 shares in the last quarter. Finally, Needham Investment Management LLC raised its stake in Parsons by 5.5% during the 1st quarter. Needham Investment Management LLC now owns 292,250 shares of the company's stock worth $17,304,000 after buying an additional 15,250 shares during the period. 98.02% of the stock is currently 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.