Parsons (NYSE:PSN) PT Raised to $103.00

Parsons (NYSE:PSN) had its target price hoisted by Robert W. Baird from $89.00 to $103.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms also recently weighed in on PSN. The Goldman Sachs Group increased their price objective on Parsons from $73.00 to $81.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Raymond James raised shares of Parsons from an outperform rating to a strong-buy rating and upped their price objective for the company from $82.00 to $95.00 in a research note on Wednesday, May 1st. KeyCorp lifted their target price on shares of Parsons from $89.00 to $90.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Truist Financial upped their price target on shares of Parsons from $84.00 to $100.00 and gave the company a buy rating in a research report on Tuesday, April 9th. Finally, Stifel Nicolaus lifted their price objective on shares of Parsons from $95.00 to $97.00 and gave the company a buy rating in a research note on Tuesday, June 25th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Parsons currently has a consensus rating of Buy and an average target price of $91.70.

Parsons Stock Performance

PSN traded up $0.56 during trading on Thursday, hitting $89.38. The stock had a trading volume of 388,868 shares, compared to its average volume of 891,153. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.79. The firm has a market cap of $13.12 billion, a price-to-earnings ratio of 493.47, a P/E/G ratio of 2.58 and a beta of 0.81. The company has a 50 day moving average price of $78.66 and a 200-day moving average price of $77.50. Parsons has a one year low of $53.56 and a one year high of $91.44.

Institutional Trading of Parsons

Several institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. lifted its position in shares of Parsons by 7.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,733 shares of the company’s stock valued at $297,000 after purchasing an additional 327 shares in the last quarter. New York State Teachers Retirement System grew its holdings in shares of Parsons by 24.0% in the fourth quarter. New York State Teachers Retirement System now owns 3,699 shares of the company’s stock valued at $232,000 after acquiring an additional 715 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Parsons by 5.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,060 shares of the company’s stock valued at $1,321,000 after acquiring an additional 1,058 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Parsons by 9.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock worth $58,148,000 after acquiring an additional 77,010 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in shares of Parsons by 53.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 6,479 shares of the company’s stock valued at $406,000 after purchasing an additional 2,246 shares during 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.