The Goldman Sachs Group Raises Parsons (NYSE:PSN) Price Target to $81.00

Parsons (NYSE:PSN) had its price target raised by analysts at The Goldman Sachs Group from $73.00 to $81.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 2.82% from the company’s current price.

PSN has been the subject of a number of other research reports. Benchmark reaffirmed a “buy” rating and issued a $68.00 price target on shares of Parsons in a research note on Thursday, April 4th. Truist Financial boosted their price target on Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. KeyCorp boosted their target price on Parsons from $74.00 to $79.00 and gave the stock an “overweight” rating in a research note on Thursday, February 15th. Finally, Robert W. Baird boosted their target price on Parsons from $75.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, February 15th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.78.

Parsons Stock Performance

PSN stock traded down $0.13 during midday trading on Tuesday, reaching $78.78. 27,011 shares of the company were exchanged, compared to its average volume of 907,468. Parsons has a one year low of $42.22 and a one year high of $85.44. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.52. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 55.49, a price-to-earnings-growth ratio of 3.60 and a beta of 0.85. The business has a 50-day moving average price of $79.08 and a two-hundred day moving average price of $67.77.

Parsons (NYSE:PSN) last posted its 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. Parsons had a return on equity of 10.32% and a net margin of 2.96%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The company’s revenue was up 36.4% on a year-over-year basis. Equities research analysts forecast that Parsons will post 2.55 EPS for the current year.

Hedge Funds Weigh In On Parsons

Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc increased its stake in shares of Parsons by 5.8% during the third quarter. Legal & General Group Plc now owns 536,292 shares of the company’s stock valued at $29,147,000 after buying an additional 29,225 shares during the period. Quadrature Capital Ltd purchased a new stake in Parsons in the third quarter worth $1,117,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Parsons in the third quarter worth $984,000. Van ECK Associates Corp grew its stake in Parsons by 68.0% in the third quarter. Van ECK Associates Corp now owns 21,559 shares of the company’s stock worth $1,172,000 after purchasing an additional 8,724 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its stake in Parsons by 189.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 22,069 shares of the company’s stock worth $1,199,000 after purchasing an additional 14,456 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.