Parsons (NYSE:PSN) Rating Lowered to “Hold” at TD Cowen

Parsons (NYSE:PSN) was downgraded by equities researchers at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Friday,Finviz reports. They currently have a $105.00 target price on the stock. TD Cowen’s target price indicates a potential upside of 69.84% from the stock’s previous close.

A number of other brokerages have also recently issued reports on PSN. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Robert W. Baird decreased their price objective on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday. The Goldman Sachs Group upgraded shares of 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 research report on Thursday, December 12th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday. Finally, KeyCorp cut their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $102.11.

Parsons Stock Performance

Shares of NYSE:PSN opened at $61.82 on Friday. The company’s 50 day simple moving average is $87.36 and its 200 day simple moving average is $95.64. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 81.35, a price-to-earnings-growth ratio of 0.98 and a beta of 0.73. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. Parsons has a 1 year low of $59.90 and a 1 year high of $114.68.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently modified their holdings of PSN. Creative Planning lifted its holdings in Parsons by 15.0% in the third quarter. Creative Planning now owns 8,490 shares of the company’s stock valued at $880,000 after buying an additional 1,109 shares during the period. Court Place Advisors LLC bought a new stake in shares of Parsons during the third quarter worth about $216,000. BayBridge Capital Group LLC bought a new stake in shares of Parsons during the third quarter worth about $580,000. Allworth Financial LP boosted its holdings in Parsons by 43.6% during the third quarter. Allworth Financial LP now owns 6,585 shares of the company’s stock worth $683,000 after purchasing an additional 1,999 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in Parsons during the third quarter worth about $1,337,000. 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.