Parsons (NYSE:PSN) Downgraded by Raymond James

Parsons (NYSE:PSN) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have a $115.00 price target on the stock. Raymond James’ target price would indicate a potential upside of 10.09% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. KeyCorp increased their target price on shares of Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Benchmark raised their price objective on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Robert W. Baird raised their price target on Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus upped their price objective on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $99.00.

Parsons Stock Up 0.1 %

PSN opened at $104.46 on Wednesday. The firm’s 50 day simple moving average is $100.34 and its two-hundred day simple moving average is $86.94. The company has a market capitalization of $15.33 billion, a PE ratio of 580.33, a PEG ratio of 2.32 and a beta of 0.80. Parsons has a 1-year low of $55.22 and a 1-year high of $109.55. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. Parsons had a return on equity of 12.09% and a net margin of 0.89%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.53 billion. As a group, equities analysts forecast that Parsons will post 2.88 EPS for the current year.

Institutional Investors Weigh In On Parsons

Large investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC purchased a new stake in shares of Parsons during the 3rd quarter worth approximately $62,514,000. Allspring Global Investments Holdings LLC lifted its position in 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 during the last quarter. Vanguard Group Inc. grew its stake in shares of Parsons by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after buying an additional 421,085 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Parsons in the 2nd quarter worth about $29,302,000. Finally, Appian Way Asset Management LP raised its position in shares of Parsons by 649.9% during the 2nd quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock valued at $32,303,000 after buying an additional 342,200 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

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.