Parsons (NYSE:PSN) Stock Rating Lowered by Raymond James

Parsons (NYSE:PSN) was downgraded by equities research analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued to investors on Wednesday, FinViz reports. They currently have a $115.00 target price on the stock. Raymond James’ price objective would suggest a potential upside of 7.06% from the stock’s previous close.

A number of other research firms have also recently commented on PSN. KeyCorp lifted their price objective on Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Benchmark lifted their price objective on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Stifel Nicolaus lifted their price objective on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Robert W. Baird lifted their price objective on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Truist Financial restated a “buy” rating and issued a $108.00 price target (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Parsons Trading Down 0.0 %

Shares of PSN stock opened at $107.42 on Wednesday. Parsons has a fifty-two week low of $55.22 and a fifty-two week high of $109.55. The stock has a market cap of $11.41 billion, a P/E ratio of 249.82, a P/E/G ratio of 2.33 and a beta of 0.80. The business has a fifty day simple moving average of $99.89 and a 200-day simple moving average of $86.70. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating 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 business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.53 billion. On average, analysts forecast that Parsons will post 2.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Seaside Wealth Management Inc. acquired a new position in Parsons during the 1st quarter worth approximately $1,240,000. Tidal Investments LLC purchased a new stake in Parsons during the 1st quarter worth approximately $853,000. Russell Investments Group Ltd. increased its holdings in Parsons by 17,130.4% during the 1st quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock worth $800,000 after purchasing an additional 9,593 shares during the last quarter. Hennessy Advisors Inc. increased its holdings in Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company’s stock worth $36,324,000 after purchasing an additional 54,200 shares during the last quarter. Finally, Peregrine Asset Advisers Inc. purchased a new stake in Parsons during the 2nd quarter worth approximately $4,417,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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.