Parsons (NYSE:PSN) Upgraded by The Goldman Sachs Group to Buy Rating

Parsons (NYSE:PSN - Get Free Report) was upgraded by analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research note issued on Thursday, MarketBeat Ratings reports. The firm presently has a $111.00 price objective on the stock, up from their prior price objective of $103.00. The Goldman Sachs Group's price objective points to a potential upside of 14.43% from the company's current price.

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

Parsons Stock Performance

PSN traded up $1.81 during trading on Thursday, hitting $97.00. The stock had a trading volume of 983,977 shares, compared to its average volume of 907,007. The firm has a market capitalization of $10.30 billion, a P/E ratio of 146.97, a PEG ratio of 1.75 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. Parsons has a twelve month low of $61.10 and a twelve month high of $114.68. The company's 50-day moving average price is $103.57 and its 200 day moving average price is $92.60.

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

Institutional Trading of Parsons

Several institutional investors and hedge funds have recently modified their holdings of the business. Retirement Systems of Alabama acquired a new position in shares of Parsons during the 3rd quarter worth approximately $5,884,000. Franklin Resources Inc. increased its position in Parsons by 11.8% during the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock worth $64,813,000 after buying an additional 63,657 shares in the last quarter. Tidal Investments LLC increased its position in Parsons by 140.9% during the third quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock worth $748,000 after buying an additional 4,220 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Parsons by 42.2% in the third quarter. TD Private Client Wealth LLC now owns 1,512 shares of the company's stock worth $157,000 after acquiring an additional 449 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Parsons in the third quarter valued at $850,000. Hedge funds and other 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.