Parsons (NYSE:PSN) Price Target Cut to $105.00 by Analysts at TD Cowen

Parsons (NYSE:PSN) had its target price cut by TD Cowen from $117.00 to $105.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

PSN has been the subject of several other reports. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $111.00 in a research note on Thursday, December 12th. Robert W. Baird lifted their price objective on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Truist Financial decreased their target price on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, KeyCorp lifted their price target on 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 assigned a buy rating to the stock. According to MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.25.

Parsons Stock Up 1.3 %

NYSE PSN opened at $91.69 on Wednesday. Parsons has a 1 year low of $62.13 and a 1 year high of $114.68. The stock has a market capitalization of $9.74 billion, a PE ratio of 138.93, a PEG ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The business’s 50-day moving average is $98.41 and its 200 day moving average is $95.02.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping 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 firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. Sell-side analysts forecast that Parsons will post 3.02 earnings per share for the current year.

Institutional Trading of Parsons

Several institutional investors have recently bought and sold shares of the company. Earnest Partners LLC lifted its stake in shares of Parsons by 2.4% in the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock worth $177,413,000 after buying an additional 49,891 shares in the last quarter. State Street Corp lifted its position in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after acquiring an additional 616,707 shares in the last quarter. Principal Financial Group Inc. lifted its position in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after acquiring an additional 183,117 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Parsons by 61.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after purchasing an additional 428,662 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after purchasing an additional 95,040 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.