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

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

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

Parsons Stock Down 0.0 %

Shares of PSN opened at $107.42 on Wednesday. The firm has a market cap of $11.41 billion, a P/E ratio of 249.82, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average price is $99.89 and its 200 day moving average price is $86.70. Parsons has a 12-month low of $55.22 and a 12-month high of $109.55.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.18. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.53 billion. Parsons had a return on equity of 12.09% and a net margin of 0.89%. On average, sell-side analysts forecast that Parsons will post 2.88 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently modified their holdings of the stock. Syntegra Private Wealth Group LLC acquired a new stake in shares of Parsons during the third quarter worth $224,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after purchasing an additional 428,662 shares during the period. Net Worth Advisory Group acquired a new stake in shares of Parsons during the third quarter worth $214,000. Stratos Wealth Advisors LLC acquired a new stake in Parsons in the third quarter valued at $344,000. Finally, V Square Quantitative Management LLC acquired a new stake in Parsons in the third quarter valued at $33,000. 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.