Analysts Set Parsons Co. (NYSE:PSN) Target Price at $90.20

Shares of Parsons Co. (NYSE:PSN) have been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $90.20.

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group decreased their price target on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Truist Financial reissued a “buy” rating and set a $80.00 price objective (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Bank of America cut their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Jefferies Financial Group reissued a “hold” rating and set a $65.00 price objective (down previously from $75.00) on shares of Parsons in a report on Monday, May 5th. Finally, William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th.

Institutional Investors Weigh In On Parsons

A number of institutional investors have recently made changes to their positions in PSN. Groupama Asset Managment purchased a new stake in shares of Parsons in the 1st quarter valued at $136,183,000. Artisan Partners Limited Partnership boosted its stake in shares of Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock valued at $190,932,000 after purchasing an additional 1,512,812 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Parsons in the 4th quarter valued at $63,417,000. Norges Bank purchased a new stake in shares of Parsons in the 4th quarter valued at $59,447,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of Parsons in the 4th quarter valued at $40,318,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Trading Up 1.1%

Shares of PSN opened at $69.03 on Friday. The business’s 50-day moving average price is $62.77 and its 200-day moving average price is $78.77. Parsons has a twelve month low of $54.56 and a twelve month high of $114.68. The stock has a market cap of $7.38 billion, a PE ratio of 90.83, a P/E/G ratio of 0.93 and a beta of 0.57. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Parsons announced that its Board of Directors has initiated a share buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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.