Truist Financial Lowers Parsons (NYSE:PSN) Price Target to $110.00

Parsons (NYSE:PSN) had its price objective cut by stock analysts at Truist Financial from $130.00 to $110.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 11.06% from the company’s current price.

PSN has been the topic of a number of other reports. Robert W. Baird increased their price target on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Benchmark increased their target price on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Raymond James cut shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a research report on Wednesday, October 23rd. Finally, KeyCorp upped their price target on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.13.

Parsons Stock Performance

NYSE PSN opened at $99.05 on Friday. Parsons has a 52-week low of $61.10 and a 52-week high of $114.68. The company has a fifty day moving average of $104.86 and a 200-day moving average of $90.77. The company has a market capitalization of $10.52 billion, a P/E ratio of 150.08, a P/E/G ratio of 1.77 and a beta of 0.80. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.63 billion. As a group, equities research analysts predict that Parsons will post 3.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

Large investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Parsons by 60.6% during the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after purchasing an additional 616,707 shares during the period. Wedge Capital Management L L P NC bought a new position in Parsons during the 3rd quarter valued at approximately $62,514,000. Allspring Global Investments Holdings LLC lifted its holdings in Parsons by 61.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after buying an additional 428,662 shares during the period. Vanguard Group Inc. grew its position in shares of Parsons by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after buying an additional 421,085 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in shares of Parsons during the second quarter valued at approximately $29,302,000. Institutional investors own 98.02% of the company’s stock.

About Parsons

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.