Parsons (NYSE:PSN) Rating Increased to Buy at Zacks Investment Research

Parsons (NYSE:PSN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage presently has a $38.00 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 2.98% from the stock’s previous close.

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. “

PSN has been the topic of a number of other research reports. SunTrust Banks increased their price target on Parsons from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Goldman Sachs Group began coverage on Parsons in a research report on Monday, June 3rd. They set a “buy” rating and a $43.00 target price on the stock. Morgan Stanley assumed coverage on Parsons in a research report on Monday, June 3rd. They set an “equal weight” rating and a $35.00 target price on the stock. Bank of America assumed coverage on Parsons in a report on Monday, June 3rd. They set a “neutral” rating on the stock. Finally, Wells Fargo & Co lowered 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 issued a buy rating to the company’s stock. Parsons has an average rating of “Buy” and an average target price of $38.71.

Shares of Parsons stock traded up $1.65 during midday trading on Wednesday, hitting $36.90. The company had a trading volume of 76,121 shares, compared to its average volume of 212,586. The company’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 announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.21). The firm had revenue of $989.74 million for the quarter, compared to analyst estimates of $953.83 million. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 EPS. On average, analysts anticipate that Parsons will post 2.03 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the stock. Needham Investment Management LLC purchased a new position in Parsons during the second quarter worth about $553,000. Royal Bank of Canada bought a new stake in shares of Parsons during the second quarter valued at approximately $34,000. Nuveen Asset Management LLC bought a new stake in shares of Parsons during the second quarter valued at approximately $46,578,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Parsons during the second quarter valued at approximately $73,883,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Parsons during the second quarter valued at approximately $111,000. Institutional investors and hedge funds own 99.43% of the company’s stock.

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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Analyst Recommendations for Parsons (NYSE:PSN)

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