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

Parsons (NYSE:PSN) had its price target decreased by TD Cowen from $117.00 to $105.00 in a research report sent to investors on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on PSN. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $111.00 in a research report on Thursday, December 12th. Robert W. Baird upped their price target on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial lowered their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. KeyCorp increased their target price on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.25.

Parsons Stock Up 1.3 %

PSN stock opened at $91.69 on Wednesday. The company has a market cap of $9.74 billion, a price-to-earnings ratio of 138.93, a P/E/G ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The business’s 50-day moving average is $98.41 and its two-hundred day moving average is $95.02. Parsons has a fifty-two week low of $62.13 and a fifty-two week high of $114.68.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. As a group, analysts forecast that Parsons will post 3.02 earnings per share for the current year.

Hedge Funds Weigh In On Parsons

Several hedge funds have recently modified their holdings of the stock. State Street Corp grew its stake in Parsons by 60.6% during the third 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. Wedge Capital Management L L P NC purchased a new position in shares of Parsons during the third quarter valued at about $62,514,000. Allspring Global Investments Holdings LLC grew its position in shares of Parsons by 61.7% during the third 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 in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Parsons in the second quarter worth about $29,302,000. Finally, Appian Way Asset Management LP lifted its position in shares of Parsons by 649.9% in the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock worth $32,303,000 after buying an additional 342,200 shares in the last quarter. Hedge funds and other institutional investors 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.