Parsons (NYSE:PSN) Price Target Raised to $64.00

Parsons (NYSE:PSN) had its target price lifted by UBS Group from $61.00 to $64.00 in a research note published on Thursday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

PSN has been the subject of a number of other research reports. Stifel Nicolaus reduced their price target on Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of Parsons in a report on Wednesday. Jefferies Financial Group raised Parsons from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Sunday, August 2nd. Truist Financial restated a “buy” rating and issued a $60.00 target price (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. Finally, Zacks Research raised Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Eleven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Parsons currently has an average rating of “Moderate Buy” and a consensus target price of $63.50.

Parsons Stock Performance

PSN stock opened at $50.74 on Thursday. The firm has a 50 day moving average of $45.69 and a two-hundred day moving average of $54.16. Parsons has a 12 month low of $36.26 and a 12 month high of $88.00. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 37.04, a P/E/G ratio of 4.27 and a beta of 0.72. The company has a quick ratio of 1.66, a current ratio of 1.59 and a debt-to-equity ratio of 0.49.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.09. Parsons had a net margin of 2.33% and a return on equity of 8.11%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the firm earned $0.86 EPS. Parsons’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Parsons will post 2.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director George Ball bought 20,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $47.97 per share, with a total value of $959,400.00. Following the transaction, the director directly owned 170,383 shares in the company, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Parsons

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc increased its position in shares of Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after purchasing an additional 358 shares during the period. Reyes Financial Architecture Inc. acquired a new stake in shares of Parsons during the 3rd quarter worth about $31,000. GAMMA Investing LLC boosted its holdings in shares of Parsons by 160.0% in the 2nd quarter. GAMMA Investing LLC now owns 949 shares of the company’s stock worth $50,000 after acquiring an additional 584 shares in the last quarter. Danske Bank A S bought a new position in shares of Parsons in the second quarter valued at about $58,000. Finally, Continuum Advisory LLC bought a new position in shares of Parsons in the second quarter worth about $59,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven solutions provider serving government and commercial customers in the defense, intelligence, critical infrastructure and transportation markets. The company develops and integrates solutions for complex security, engineering and infrastructure challenges, combining software, systems engineering, cybersecurity, data analytics and program management capabilities.

Parsons operates through its Federal Solutions and Critical Infrastructure segments.