Parsons (NYSE:PSN) Price Target Lowered to $90.00 at Truist Financial

Parsons (NYSE:PSN) had its target price decreased by investment analysts at Truist Financial from $100.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 43.59% from the company’s current price.

Other analysts have also recently issued reports about the company. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. Robert W. Baird boosted their price target on shares of Parsons from $92.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, September 17th. Raymond James Financial lowered shares of Parsons from a “strong-buy” rating to a “market perform” rating in a report on Friday. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, KeyCorp increased their price target on shares of Parsons from $87.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $91.91.

Parsons Price Performance

PSN stock traded down $21.78 during mid-day trading on Friday, reaching $62.68. The company’s stock had a trading volume of 4,831,114 shares, compared to its average volume of 1,275,515. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $84.12 and its two-hundred day moving average is $77.64. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $99.53. The stock has a market cap of $6.67 billion, a PE ratio of 28.75, a P/E/G ratio of 4.29 and a beta of 0.65.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.12. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. Equities research analysts expect that Parsons will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently made changes to their positions in the stock. Mather Group LLC. purchased a new stake in Parsons in the third quarter valued at approximately $25,000. Banque Transatlantique SA purchased a new position in shares of Parsons during the first quarter worth $34,000. True Wealth Design LLC grew its stake in shares of Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after buying an additional 189 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Parsons in the 3rd quarter valued at $40,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after buying an additional 264 shares during the period. Hedge funds and other institutional investors 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.