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

Parsons (NYSE:PSN) had its price target dropped by stock analysts at TD Cowen from $117.00 to $105.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 14.52% from the company’s current price.

Several other analysts also recently commented on PSN. KeyCorp raised their price objective on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Raymond James cut 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 lifted their price target for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. Truist Financial cut their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Finally, Robert W. Baird boosted their target price on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $108.25.

Parsons Stock Performance

Shares of PSN opened at $91.69 on Wednesday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm’s fifty day simple moving average is $98.08 and its two-hundred day simple moving average is $95.00. Parsons has a 12 month low of $62.13 and a 12 month high of $114.68. The stock has a market capitalization of $9.74 billion, a P/E ratio of 138.93, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) 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 company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.63 billion. As a group, analysts predict that Parsons will post 3.02 EPS for the current year.

Institutional Investors Weigh In On Parsons

A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Hawaiian Bank raised its position in Parsons by 48.8% in the 4th quarter. First Hawaiian Bank now owns 39,523 shares of the company’s stock valued at $3,646,000 after buying an additional 12,964 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after acquiring an additional 218 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after purchasing an additional 183,117 shares during the last quarter. Retirement Systems of Alabama bought a new position in shares of Parsons during the third quarter valued at about $5,884,000. Finally, Franklin Resources Inc. boosted its holdings in Parsons by 11.8% during the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock worth $64,813,000 after purchasing an additional 63,657 shares during the last quarter. Institutional investors and hedge funds 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.