Allworth Financial LP Has $683,000 Holdings in Parsons Co. (NYSE:PSN)

Allworth Financial LP lifted its holdings in Parsons Co. (NYSE:PSN) by 43.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,585 shares of the company’s stock after purchasing an additional 1,999 shares during the period. Allworth Financial LP’s holdings in Parsons were worth $683,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PSN. Wedge Capital Management L L P NC acquired a new stake in shares of Parsons in the 3rd quarter valued at $62,514,000. Allspring Global Investments Holdings LLC raised 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 acquiring an additional 428,662 shares during the period. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 421,085 shares during the period. Driehaus Capital Management LLC bought a new position in Parsons in the 2nd quarter worth $29,302,000. Finally, Appian Way Asset Management LP raised its holdings in Parsons by 649.9% in the 2nd quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock worth $32,303,000 after acquiring an additional 342,200 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

PSN has been the topic of several recent analyst reports. Truist Financial reiterated a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Robert W. Baird lifted their target price on shares of Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Benchmark lifted their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a report on Wednesday, October 23rd. Finally, KeyCorp boosted their price objective on shares of Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Parsons Stock Performance

NYSE PSN opened at $105.03 on Wednesday. The stock has a market cap of $15.41 billion, a P/E ratio of 583.50, a PEG ratio of 2.24 and a beta of 0.80. The company’s 50-day simple moving average is $100.99 and its 200 day simple moving average is $87.52. Parsons Co. has a twelve month low of $55.38 and a twelve month high of $109.55. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.18. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. As a group, research analysts forecast that Parsons Co. will post 2.89 earnings per share for the current fiscal year.

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.