Parsons (NYSE:PSN) Upgraded to “Strong-Buy” at Raymond James

Raymond James upgraded shares of Parsons (NYSE:PSN) from an outperform rating to a strong-buy rating in a research note issued to investors on Wednesday, Marketbeat.com reports. Raymond James currently has $95.00 target price on the stock, up from their prior target price of $82.00.

Other research analysts have also issued research reports about the company. Truist Financial lifted their price target on Parsons from $84.00 to $100.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. Benchmark reaffirmed a buy rating and issued a $68.00 target price on shares of Parsons in a report on Thursday, April 4th. Robert W. Baird boosted their price target on shares of Parsons from $75.00 to $85.00 and gave the stock an outperform rating in a research note on Thursday, February 15th. The Goldman Sachs Group raised their price objective 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. Finally, KeyCorp boosted their target price on Parsons from $89.00 to $90.00 and gave the stock an overweight rating in a research report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $81.89.

Parsons Price Performance

Shares of NYSE PSN opened at $77.62 on Wednesday. The stock’s 50-day moving average is $80.96 and its two-hundred day moving average is $69.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.52. The company has a market cap of $8.21 billion, a price-to-earnings ratio of 54.66, a price-to-earnings-growth ratio of 3.49 and a beta of 0.86. Parsons has a 1-year low of $42.22 and a 1-year high of $85.44.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Parsons’s revenue for the quarter was up 36.4% on a year-over-year basis. Analysts forecast that Parsons will post 2.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

Several institutional investors have recently modified their holdings of the company. Pullen Investment Management LLC purchased a new position in Parsons in the 1st quarter valued at approximately $1,080,000. Janney Montgomery Scott LLC acquired a new stake in Parsons in the first quarter valued at $1,451,000. Van ECK Associates Corp grew its holdings in Parsons by 276.2% in the first quarter. Van ECK Associates Corp now owns 144,127 shares of the company’s stock valued at $11,955,000 after purchasing an additional 105,812 shares during the last quarter. SpiderRock Advisors LLC purchased a new position in shares of Parsons in the first quarter valued at $406,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Parsons during the 1st quarter worth $62,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.