Parsons (NYSE:PSN) Rating Lowered to Market Perform at William Blair

William Blair cut shares of Parsons (NYSE:PSN) from an outperform rating to a market perform rating in a report issued on Thursday morning, Marketbeat Ratings reports.

Several other research analysts have also commented on PSN. Truist Financial decreased their target price on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. TD Cowen decreased their price objective on shares of Parsons from $117.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. KeyCorp decreased their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Robert W. Baird raised their target price on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $107.33.

Parsons Trading Down 1.9 %

PSN opened at $83.71 on Thursday. The stock has a market capitalization of $8.89 billion, a PE ratio of 126.83, a P/E/G ratio of 1.42 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. Parsons has a 12-month low of $64.33 and a 12-month high of $114.68. The firm’s fifty day moving average price is $94.53 and its 200 day moving average price is $95.95.

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

Hedge Funds Weigh In On Parsons

Several large investors have recently bought and sold shares of the stock. Earnest Partners LLC boosted its holdings in shares of Parsons by 2.4% in the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after acquiring an additional 49,891 shares in the last quarter. State Street Corp increased its position in shares of Parsons by 60.6% during the 3rd 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 period. Principal Financial Group Inc. raised its stake in shares of Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after buying an additional 183,117 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Parsons by 61.7% in 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 buying an additional 428,662 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Parsons by 14.0% during 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 in the last quarter. Institutional investors and hedge funds 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.