Robert W. Baird Boosts Parsons (NYSE:PSN) Price Target to $100.00

Key Points

• Robert W. Baird has raised the price target for Parsons (NYSE:PSN) from $92.00 to $100.00, suggesting a potential upside of 32.57% from its previous close.
• Despite the upgrade by Baird, other analysts have varied opinions, with Bank of America reducing their target to $95.00 and others maintaining buy ratings with targets ranging from $81.00 to $90.00.
• Parsons' latest earnings report showed $0.78 earnings per share, surpassing the $0.74 estimate, but revenue decreased by 5.1% year-over-year.

Parsons (NYSE:PSN - Get Free Report) had its price target boosted by investment analysts at Robert W. Baird from $92.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's price target would suggest a potential upside of 21.90% from the company's previous close.

PSN has been the topic of several other reports. Baird R W raised Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Bank of America decreased their target price on Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, June 3rd. The Goldman Sachs Group decreased their target price on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, June 4th. Jefferies Financial Group lifted their price objective on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial lifted their target price on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $89.50.

Parsons Trading Up 0.7%

Shares of Parsons stock traded up $0.60 during midday trading on Wednesday, reaching $82.03. 2,796,592 shares of the company's stock traded hands, compared to its average volume of 1,034,221. The company has a market cap of $8.76 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 4.29 and a beta of 0.63. The stock has a 50 day moving average of $77.37 and a 200-day moving average of $69.53. Parsons has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.04. The company had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.60 billion. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The firm's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. As a group, equities analysts expect that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Parsons by 8.2% in the first quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock worth $293,226,000 after buying an additional 376,764 shares during the last quarter. Groupama Asset Managment acquired a new stake in Parsons during the first quarter worth $136,183,000. Artisan Partners Limited Partnership boosted its position in shares of Parsons by 15.2% during the second quarter. Artisan Partners Limited Partnership now owns 2,114,579 shares of the company's stock worth $151,763,000 after buying an additional 279,244 shares during the period. William Blair Investment Management LLC boosted its position in shares of Parsons by 72.5% during the second quarter. William Blair Investment Management LLC now owns 1,889,281 shares of the company's stock worth $135,594,000 after buying an additional 793,807 shares during the period. Finally, Channing Capital Management LLC increased its holdings in shares of Parsons by 20.3% in the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company's stock valued at $91,671,000 after acquiring an additional 215,106 shares during the last quarter. 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.