Parsons (NYSE:PSN) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Parsons (NYSE:PSN) from a neutral rating to a buy rating in a report released on Thursday, MarketBeat Ratings reports. They currently have $111.00 price target on the stock, up from their previous price target of $103.00.

Other equities research analysts have also recently issued research reports about the stock. Raymond James cut shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective for the company. in a research note on Wednesday, October 23rd. Robert W. Baird upped their price objective on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Truist Financial cut their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Finally, KeyCorp upped their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $108.88.

Parsons Price Performance

PSN stock opened at $97.00 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. Parsons has a one year low of $61.10 and a one year high of $114.68. The stock has a market cap of $10.30 billion, a PE ratio of 146.94, a P/E/G ratio of 1.70 and a beta of 0.74. The firm has a 50 day simple moving average of $103.57 and a two-hundred day simple moving average of $92.60.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. On average, analysts predict that Parsons will post 3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

Several hedge funds have recently made changes to their positions in the business. Fisher Asset Management LLC increased its stake in shares of Parsons by 2.1% during the third quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock valued at $452,000 after buying an additional 90 shares during the period. CIBC Asset Management Inc increased its stake in shares of Parsons by 3.2% during the third quarter. CIBC Asset Management Inc now owns 3,124 shares of the company’s stock valued at $324,000 after buying an additional 96 shares during the period. Chartwell Investment Partners LLC boosted its position in shares of Parsons by 0.8% during the third quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock valued at $1,507,000 after purchasing an additional 117 shares in the last quarter. AE Wealth Management LLC boosted its position in shares of Parsons by 2.7% during the second quarter. AE Wealth Management LLC now owns 5,763 shares of the company’s stock valued at $471,000 after purchasing an additional 150 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Parsons by 23.6% during the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after purchasing an additional 199 shares in the last quarter. 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.