Robert W. Baird Cuts Parsons (NYSE:PSN) Price Target to $78.00

Parsons (NYSE:PSN) had its price objective reduced by Robert W. Baird from $125.00 to $78.00 in a report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also weighed in on PSN. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Truist Financial dropped their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Friday, November 22nd. KeyCorp reduced their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Jefferies Financial Group dropped their price target on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. Finally, TD Cowen cut their price target on shares of Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons Stock Down 4.0 %

Shares of Parsons stock opened at $59.45 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons has a 52-week low of $57.86 and a 52-week high of $114.68. The company’s 50 day moving average price is $85.91 and its 200-day moving average price is $95.20. The stock has a market capitalization of $6.35 billion, a price-to-earnings ratio of 78.22, a P/E/G ratio of 0.93 and a beta of 0.73.

Hedge Funds Weigh In On Parsons

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Artisan Partners Limited Partnership increased its stake in shares of Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after acquiring an additional 1,512,812 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Parsons during the fourth quarter valued at approximately $63,417,000. Norges Bank bought a new position in shares of Parsons during the fourth quarter valued at approximately $59,447,000. State Street Corp lifted its holdings in shares of 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 purchasing an additional 616,707 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Parsons in the 4th quarter worth approximately $40,318,000. 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.