TD Cowen Cuts Parsons (NYSE:PSN) Price Target to $105.00

Parsons (NYSE:PSN) had its price objective cut by analysts at TD Cowen from $117.00 to $105.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 15.18% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Truist Financial reduced their target price on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Robert W. Baird raised their target price on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group upgraded shares of Parsons from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $111.00 in a research report on Thursday, December 12th. Finally, KeyCorp boosted their price objective on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $110.75.

Parsons Stock Performance

NYSE PSN traded up $0.62 during trading on Wednesday, reaching $91.16. The company’s stock had a trading volume of 257,635 shares, compared to its average volume of 833,009. Parsons has a twelve month low of $62.13 and a twelve month high of $114.68. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 138.12, a P/E/G ratio of 1.72 and a beta of 0.74. The business’s fifty day moving average price is $98.77 and its 200-day moving average price is $95.05. 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 posted 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. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. As a group, analysts anticipate that Parsons will post 3.02 EPS for the current fiscal year.

Institutional Trading of Parsons

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after purchasing an additional 218 shares during the last quarter. Principal Financial Group Inc. raised its stake 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 purchasing an additional 183,117 shares during the last quarter. Retirement Systems of Alabama purchased a new position in Parsons in the 3rd quarter valued at about $5,884,000. Franklin Resources Inc. boosted its stake in shares of Parsons by 11.8% during the 3rd 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. Finally, Tidal Investments LLC boosted its position in Parsons by 140.9% during the third quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock worth $748,000 after acquiring an additional 4,220 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Company Profile

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.