Parsons (NYSE:PSN) PT Raised to $40.00 at Morgan Stanley

Parsons (NYSE:PSNGet Rating) had its target price raised by equities researchers at Morgan Stanley from $38.00 to $40.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 4.74% from the stock’s current price.

A number of other analysts also recently weighed in on PSN. TheStreet raised shares of Parsons from a “c+” rating to a “b-” rating in a research report on Tuesday, July 19th. Truist Financial downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $42.00 price target for the company. in a research report on Friday, April 22nd. Finally, The Goldman Sachs Group raised their price target on shares of Parsons from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, April 14th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.20.

Parsons Trading Up 1.2 %

PSN opened at $41.99 on Thursday. Parsons has a 52-week low of $29.25 and a 52-week high of $43.84. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $4.36 billion, a P/E ratio of 52.49, a P/E/G ratio of 2.16 and a beta of 0.83. The firm’s 50 day moving average is $40.29 and its 200-day moving average is $37.37.

Parsons (NYSE:PSNGet Rating) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. Parsons had a net margin of 2.26% and a return on equity of 9.11%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $930.97 million. During the same quarter last year, the company earned $0.29 earnings per share. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. Analysts expect that Parsons will post 1.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

Hedge funds have recently added to or reduced their stakes in the business. Group One Trading L.P. acquired a new position in Parsons in the first quarter worth $27,000. Covestor Ltd lifted its stake in Parsons by 93.3% in the first quarter. Covestor Ltd now owns 1,405 shares of the company’s stock valued at $54,000 after buying an additional 678 shares during the last quarter. Richelieu Gestion PLC bought a new stake in Parsons in the first quarter valued at $99,000. Quantbot Technologies LP bought a new stake in Parsons in the first quarter valued at $109,000. Finally, Amalgamated Bank bought a new stake in Parsons in the first quarter valued at $123,000. Institutional investors and hedge funds own 98.44% of the company’s stock.

About Parsons

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Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates through two segments, Federal Solutions and Critical Infrastructure. The company offers cyber security and intelligence services, as well as offensive and defensive cybersecurity platforms, tools, and operations to the U.S.

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Analyst Recommendations for Parsons (NYSE:PSN)

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