TD Cowen Issues Pessimistic Forecast for Parsons (NYSE:PSN) Stock Price

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

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

Parsons Stock Performance

NYSE:PSN opened at $92.89 on Wednesday. The stock’s 50-day moving average is $97.76 and its 200-day moving average is $95.09. The stock has a market cap of $9.86 billion, a P/E ratio of 140.74, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. Parsons has a 1-year low of $63.12 and a 1-year high of $114.68. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last posted its earnings results 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 firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. Equities research analysts anticipate that Parsons will post 3.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Earnest Partners LLC increased its stake in Parsons by 2.4% in the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after purchasing an additional 49,891 shares in the last quarter. State Street Corp increased its position in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after buying an additional 616,707 shares in the last quarter. Principal Financial Group Inc. raised its stake in Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after buying an additional 183,117 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Parsons by 61.7% in the third 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 in the last quarter. Finally, Geode Capital Management LLC grew its stake in Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after acquiring an additional 95,040 shares during the period. Institutional investors and hedge funds 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.