Truist Financial Raises Parsons (NYSE:PSN) Price Target to $90.00

Parsons (NYSE:PSN) had its target price hoisted by equities researchers at Truist Financial from $80.00 to $90.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 18.33% from the company’s previous close.

A number of other brokerages have also weighed in on PSN. Baird R W lowered shares of Parsons from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 1st. The Goldman Sachs Group cut their price target on shares of Parsons from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, June 4th. Robert W. Baird lowered shares of Parsons from an “outperform” rating to a “neutral” rating and cut their price target for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Raymond James Financial raised shares of Parsons from a “market perform” rating to a “strong-buy” rating and set a $90.00 price target on the stock in a research note on Tuesday, July 8th. Finally, KeyCorp lifted their price target on shares of Parsons from $73.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and an average price target of $86.20.

Parsons Stock Performance

Shares of PSN opened at $76.06 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.29 and a current ratio of 1.29. Parsons has a twelve month low of $54.56 and a twelve month high of $114.68. The firm’s 50 day moving average price is $70.74 and its two-hundred day moving average price is $69.52. The firm has a market cap of $8.13 billion, a P/E ratio of 32.09, a PEG ratio of 4.64 and a beta of 0.55.

Institutional Trading of Parsons

A number of institutional investors have recently made changes to their positions in PSN. CIBC Private Wealth Group LLC bought a new stake in shares of Parsons in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons during the fourth quarter worth $25,000. Huntington National Bank raised its position in Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after acquiring an additional 289 shares in the last quarter. Versant Capital Management Inc bought a new stake in Parsons during the first quarter worth $27,000. Finally, Quarry LP bought a new stake in Parsons during the fourth quarter worth $30,000. Institutional investors own 98.02% of the company’s stock.

Parsons Company Profile

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.