Truist Financial Increases Parsons (NYSE:PSN) Price Target to $100.00

Key Points

• Truist Financial raised its price target for Parsons (PSN) from $90.00 to $100.00, reflecting a potential upside of 21.88% based on the stock's previous close.
• Parsons currently holds a consensus rating of "Moderate Buy" with many analysts recommending buy ratings, indicating strong investor interest.
• Parsons reported earnings of $0.78 per share for the last quarter, slightly exceeding analyst expectations, but showed a 5.1% decline in revenue compared to the previous year.

Parsons (NYSE:PSN - Get Free Report) had its target price hoisted by stock analysts at Truist Financial from $90.00 to $100.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price objective points to a potential upside of 21.88% from the company's previous close.

PSN has been the topic of a number of other research reports. Zacks Research upgraded Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Robert W. Baird increased their price objective on Parsons from $92.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, September 17th. KeyCorp lifted their price objective on shares of Parsons from $84.00 to $87.00 and gave the company an "overweight" rating in a research note on Monday. Bank of America decreased their target price on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Finally, Jefferies Financial Group upped their price objective on Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research note on Wednesday, July 2nd. Two 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 company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $90.80.

Parsons Stock Performance

Shares of Parsons stock opened at $82.05 on Tuesday. The business's 50 day moving average price is $78.06 and its 200 day moving average price is $70.65. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 36.62, a PEG ratio of 4.29 and a beta of 0.63. 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 has a one year low of $54.56 and a one year high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. The business had revenue of $1.58 billion during 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 company's revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 EPS. On average, research analysts predict that Parsons will post 3.58 EPS for the current year.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently modified their holdings of the company. Versant Capital Management Inc acquired a new stake in shares of Parsons during the first quarter worth $27,000. Fifth Third Bancorp lifted its holdings in shares of Parsons by 1,803.4% during the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock worth $33,000 after acquiring an additional 523 shares during the period. UMB Bank n.a. boosted its position in shares of Parsons by 238.7% in the first quarter. UMB Bank n.a. now owns 552 shares of the company's stock worth $33,000 after acquiring an additional 389 shares during the last quarter. Banque Transatlantique SA acquired a new position in Parsons during the first quarter worth approximately $34,000. Finally, True Wealth Design LLC raised its stake in Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company's stock worth $35,000 after purchasing an additional 189 shares during the period. 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.

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