Parsons (NYSE:PSN) Price Target Raised to $63.00

Parsons (NYSE:PSN) had its target price raised by Citigroup from $53.00 to $63.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Barclays lowered their target price on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. UBS Group lifted their price target on shares of Parsons from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, October 29th. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. William Blair restated an “outperform” rating on shares of Parsons in a research report on Wednesday, July 29th. Finally, TD Cowen lowered their price objective on shares of Parsons from $72.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, October 6th. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

Parsons Price Performance

Parsons stock opened at $49.92 on Tuesday. The firm has a market capitalization of $5.27 billion, a P/E ratio of 24.55, a PEG ratio of 4.10 and a beta of 0.69. Parsons has a 1 year low of $36.26 and a 1 year high of $87.04. The business has a 50-day moving average of $46.22 and a 200-day moving average of $53.24. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.49.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.09. Parsons had a return on equity of 8.11% and a net margin of 2.33%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the business posted $0.86 EPS. Parsons’s revenue was up 1.8% on a year-over-year basis. On average, equities analysts anticipate that Parsons will post 2.14 EPS for the current year.

Institutional Investors Weigh In On Parsons

Institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its stake in Parsons by 183.6% in the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after purchasing an additional 358 shares during the period. Reyes Financial Architecture Inc. acquired a new stake in shares of Parsons in the 3rd quarter valued at about $31,000. GAMMA Investing LLC raised its stake in shares of Parsons by 160.0% in the 2nd quarter. GAMMA Investing LLC now owns 949 shares of the company’s stock valued at $50,000 after purchasing an additional 584 shares during the period. Advisors Asset Management Inc. bought a new stake in shares of Parsons in the third quarter valued at about $41,000. Finally, Danske Bank A S bought a new stake in shares of Parsons in the second quarter valued at about $58,000. 98.02% of the stock is owned by institutional investors.

About Parsons

Parsons Corporation is a technology-focused engineering and infrastructure company serving government and commercial clients. Its work includes engineering, construction management, program management, and technical services for complex projects and missions. The company operates through its Federal Solutions and Critical Infrastructure businesses. Federal Solutions provides services in areas such as defense, intelligence, cybersecurity, space, and missile defense. Critical Infrastructure supports projects involving transportation, water, environmental remediation, and other essential infrastructure.