Parsons (NYSE:PSN) Rating Increased to Buy at The Goldman Sachs Group

Parsons (NYSE:PSN) was upgraded by The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a $111.00 target price on the stock, up from their prior target price of $103.00. The Goldman Sachs Group’s target price would suggest a potential upside of 16.61% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. KeyCorp upped their price target on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Truist Financial dropped their target price on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Robert W. Baird increased their price target on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Parsons presently has an average rating of “Buy” and an average target price of $108.88.

Parsons Trading Down 0.8 %

Parsons stock opened at $95.19 on Thursday. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of 144.23, a PEG ratio of 1.75 and a beta of 0.74. The company’s fifty day moving average price is $103.57 and its two-hundred day moving average price is $92.60. Parsons has a one year low of $61.10 and a one year high of $114.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.07. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. On average, analysts forecast that Parsons will post 3.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently made changes to their positions in PSN. True Wealth Design LLC acquired a new stake in Parsons in the 3rd quarter valued at $30,000. V Square Quantitative Management LLC bought a new position in Parsons during the 3rd quarter valued at about $33,000. Capital Performance Advisors LLP acquired a new position in Parsons in the third quarter valued at about $45,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Parsons during the third quarter worth approximately $72,000. Finally, Blue Trust Inc. raised its stake in shares of Parsons by 23.6% in the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after acquiring an additional 199 shares during the last quarter. 98.02% of the stock is owned by 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.