Parsons (NYSE:PSN) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Parsons (NYSE:PSN) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. They currently have $38.00 price target on the stock.

According to Zacks, “Parsons Corporation is a provider of technology-driven solutions. It is focused on the defense, intelligence and critical infrastructure markets. The company offers technical design and engineering services and software which consists of cybersecurity, intelligence, defense, military training, connected communities, physical infrastructure and mobility solutions. Parsons Corporation is based in Centreville, United States. “

Several other analysts have also recently weighed in on the company. SunTrust Banks boosted their price target on Parsons from $37.00 to $40.00 and gave the stock a buy rating in a report on Wednesday, August 28th. Bank of America initiated coverage on Parsons in a report on Monday, June 3rd. They set a neutral rating on the stock. Cowen restated a buy rating and set a $40.00 price target on shares of Parsons in a report on Monday, August 26th. Morgan Stanley initiated coverage on Parsons in a report on Monday, June 3rd. They set an equal weight rating and a $35.00 price target on the stock. Finally, Wells Fargo & Co cut Parsons from an outperform rating to a market perform rating and set a $36.00 price target on the stock. in a report on Wednesday, June 26th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of Buy and an average target price of $38.71.

NYSE:PSN opened at $36.80 on Wednesday. The business’s 50-day moving average price is $35.30. Parsons has a 1-year low of $29.03 and a 1-year high of $38.82.

Parsons (NYSE:PSN) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.21). The firm had revenue of $989.74 million during the quarter, compared to the consensus estimate of $953.83 million. The company’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.40 EPS. On average, research analysts anticipate that Parsons will post 2.11 EPS for the current year.

Several institutional investors have recently bought and sold shares of PSN. Newport Trust Co acquired a new position in shares of Parsons in the second quarter worth approximately $2,880,189,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Parsons in the second quarter worth approximately $73,883,000. ValueAct Holdings L.P. acquired a new position in shares of Parsons in the second quarter worth approximately $66,532,000. Vanguard Group Inc. acquired a new position in shares of Parsons in the second quarter worth approximately $64,178,000. Finally, ETF Managers Group LLC acquired a new position in shares of Parsons in the second quarter worth approximately $52,272,000. 99.43% of the stock is currently owned by institutional investors.

About Parsons

Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.

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