Parsons (NYSE:PSN) Given New $90.00 Price Target at KeyCorp

Parsons (NYSE:PSN) had its price objective hoisted by KeyCorp from $89.00 to $90.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts also recently issued reports on PSN. The Goldman Sachs Group upped their target price on shares of Parsons from $73.00 to $81.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. Benchmark restated a buy rating and set a $68.00 target price on shares of Parsons in a research report on Thursday, April 4th. Robert W. Baird increased their price target on shares of Parsons from $75.00 to $85.00 and gave the company an outperform rating in a research report on Thursday, February 15th. Finally, Truist Financial increased 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. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $79.00.

Parsons Stock Up 0.5 %

Shares of NYSE:PSN opened at $77.87 on Friday. Parsons has a 12 month low of $42.22 and a 12 month high of $85.44. The company’s 50-day moving average price is $80.20 and its two-hundred day moving average price is $68.60. The company has a quick ratio of 1.52, a current ratio of 1.51 and a debt-to-equity ratio of 0.31. The firm has a market cap of $8.24 billion, a P/E ratio of 54.84, a P/E/G ratio of 3.47 and a beta of 0.85.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. Parsons had a net margin of 2.96% and a return on equity of 10.32%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the company posted $0.45 EPS. The company’s revenue was up 36.4% compared to the same quarter last year. As a group, research analysts forecast that Parsons will post 2.55 EPS for the current fiscal year.

Institutional Trading of Parsons

A number of hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale bought a new stake in Parsons during the 3rd quarter worth approximately $38,000. TFO Wealth Partners LLC increased its stake in Parsons by 18,200.0% during the 4th quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock worth $46,000 after purchasing an additional 728 shares in the last quarter. Psagot Value Holdings Ltd. Israel increased its stake in Parsons by 700.0% during the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 1,112 shares of the company’s stock worth $70,000 after purchasing an additional 973 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Parsons during the 4th quarter worth approximately $91,000. Finally, Covestor Ltd increased its stake in Parsons by 126.0% during the 3rd quarter. Covestor Ltd now owns 1,521 shares of the company’s stock worth $83,000 after purchasing an additional 848 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.