The Goldman Sachs Group Lowers Parsons (NYSE:PSN) Price Target to $98.00

Parsons (NYSE:PSN) had its target price dropped by The Goldman Sachs Group from $109.00 to $98.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 63.07% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Jefferies Financial Group decreased their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. KeyCorp dropped their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. TD Cowen cut Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a report on Friday. Finally, Truist Financial cut their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.67.

Parsons Trading Up 2.3 %

Parsons stock traded up $1.35 during trading hours on Tuesday, reaching $60.10. The stock had a trading volume of 588,592 shares, compared to its average volume of 1,576,823. The company has a fifty day simple moving average of $85.13 and a 200-day simple moving average of $95.06. Parsons has a 52 week low of $57.22 and a 52 week high of $114.68. The stock has a market cap of $6.42 billion, a PE ratio of 79.07, a PEG ratio of 0.93 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Institutional Investors Weigh In On Parsons

Institutional investors have recently added to or reduced their stakes in the stock. Creative Planning lifted its holdings in shares of Parsons by 15.0% in the third quarter. Creative Planning now owns 8,490 shares of the company’s stock worth $880,000 after buying an additional 1,109 shares in the last quarter. Allworth Financial LP increased its holdings in Parsons by 43.6% in the 3rd quarter. Allworth Financial LP now owns 6,585 shares of the company’s stock valued at $683,000 after acquiring an additional 1,999 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in Parsons in the 3rd quarter worth $1,337,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Parsons by 63.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,707 shares of the company’s stock valued at $592,000 after purchasing an additional 2,209 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Parsons during the third quarter valued at about $72,000. 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.