Parsons Corporation (NYSE:PSN) Stock Has Consensus Price Target of $64.08 According to Analysts

Parsons Corporation (NYSE:PSN) has earned a consensus rating of “Moderate Buy” from the sixteen research firms that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $64.08.

A number of equities research analysts have weighed in on PSN shares. Jefferies Financial Group upgraded Parsons from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Sunday, August 2nd. Citigroup cut their price target on Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Robert W. Baird raised shares of Parsons from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $48.00 to $57.00 in a research report on Friday, August 21st. William Blair reiterated an “outperform” rating on shares of Parsons in a research note on Wednesday, July 29th. Finally, Barclays dropped their target price on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th.

Insiders Place Their Bets

In related news, Director George Ball acquired 20,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were purchased at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares of the company’s stock, valued at approximately $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.31% of the company’s stock.

Institutional Trading of Parsons

Several large investors have recently made changes to their positions in PSN. Sequoia Financial Advisors LLC raised its stake in Parsons by 11.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,469 shares of the company’s stock worth $339,000 after buying an additional 654 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Parsons in the second quarter valued at approximately $72,000. IFP Advisors Inc grew its stake in Parsons by 15.1% in the second quarter. IFP Advisors Inc now owns 1,623 shares of the company’s stock valued at $85,000 after acquiring an additional 213 shares during the period. Baird Financial Group Inc. acquired a new stake in Parsons in the second quarter valued at approximately $207,000. Finally, Nykredit A S bought a new stake in shares of Parsons during the second quarter valued at approximately $87,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Price Performance

Shares of NYSE PSN opened at $40.71 on Monday. The company has a market capitalization of $4.35 billion, a PE ratio of 28.08, a P/E/G ratio of 3.09 and a beta of 0.72. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. Parsons has a twelve month low of $36.26 and a twelve month high of $89.50. The firm has a fifty day simple moving average of $46.56 and a 200 day simple moving average of $51.60.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the company posted $0.78 EPS. The business’s revenue was down .5% compared to the same quarter last year. On average, sell-side analysts forecast that Parsons will post 2.29 EPS for the current year.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, infrastructure and defense contractor. The company provides solutions for government and commercial customers in areas including national security, intelligence, cybersecurity, space, missile defense, transportation, environmental remediation, water and energy.

Parsons organizes its operations around Federal Solutions and Critical Infrastructure. Its offerings include systems engineering, program management, software and technology development, cyber and intelligence services, engineering and construction management, infrastructure modernization, and environmental services.