KeyCorp Raises Parsons (NYSE:PSN) Price Target to $97.00

Parsons (NYSE:PSN) had its price objective boosted by KeyCorp from $90.00 to $97.00 in a report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also commented on PSN. TD Cowen raised shares of Parsons from a hold rating to a buy rating and upped their price objective for the company from $77.00 to $90.00 in a research note on Friday, May 3rd. Truist Financial reissued a buy rating and issued a $108.00 price target (up from $100.00) on shares of Parsons in a research report on Thursday. Robert W. Baird raised their price objective on shares of Parsons from $89.00 to $103.00 and gave the company an outperform rating in a research report on Thursday. The Goldman Sachs Group increased their price target on Parsons from $73.00 to $81.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Finally, Raymond James upgraded shares of Parsons from an outperform rating to a strong-buy rating and raised their price objective for the stock from $82.00 to $95.00 in a research note on Wednesday, May 1st. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $91.70.

Parsons Price Performance

PSN traded up $0.34 on Thursday, reaching $89.16. The company had a trading volume of 1,222,112 shares, compared to its average volume of 896,883. The company has a fifty day moving average of $78.66 and a 200-day moving average of $77.50. The company has a market capitalization of $13.08 billion, a P/E ratio of 495.08, a PEG ratio of 2.58 and a beta of 0.81. The company has a current ratio of 1.80, a quick ratio of 1.79 and a debt-to-equity ratio of 0.54. Parsons has a one year low of $53.56 and a one year high of $91.44.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Parsons by 10.2% during the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after acquiring an additional 421,085 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Parsons by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock valued at $87,407,000 after acquiring an additional 105,648 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Parsons by 0.5% in the second quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company’s stock valued at $82,614,000 after purchasing an additional 4,686 shares in 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, Norges Bank bought a new stake in Parsons during the fourth quarter worth $37,854,000. 98.02% of the stock is 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.