TD Cowen Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its target price cut by research analysts at TD Cowen from $117.00 to $105.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 14.52% from the stock’s previous close.

PSN has been the topic of several other research reports. KeyCorp increased their price target on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group raised Parsons from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $111.00 in a report on Thursday, December 12th. Raymond James cut 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 research report on Friday, November 22nd. Finally, Robert W. Baird lifted their target price on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.25.

Parsons Price Performance

Parsons stock opened at $91.69 on Wednesday. The firm has a market cap of $9.74 billion, a PE ratio of 138.93, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The stock’s fifty day moving average price is $98.08 and its two-hundred day moving average price is $95.00. Parsons has a one year low of $62.13 and a one year high of $114.68.

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

Hedge Funds Weigh In On Parsons

Large investors have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D acquired a new position in shares of Parsons during the third quarter worth $2,172,000. Oppenheimer & Co. Inc. lifted its holdings in Parsons by 37.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock worth $2,490,000 after buying an additional 6,577 shares during the period. Aigen Investment Management LP bought a new stake in shares of Parsons in the 3rd quarter valued at about $1,004,000. Geode Capital Management LLC increased its stake in shares of 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 buying an additional 95,040 shares during the period. Finally, Peregrine Asset Advisers Inc. bought a new position in shares of Parsons during the second quarter worth about $4,417,000. 98.02% of the stock is currently owned by 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.