Parsons (NYSE:PSN) Price Target Cut to $70.00 by Analysts at Truist Financial

Parsons (NYSE:PSN) had its target price trimmed by Truist Financial from $85.00 to $70.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently commented on PSN. TD Cowen downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective on the stock. in a report on Friday, February 21st. KeyCorp decreased their price target on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Raymond James cut Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Robert W. Baird reduced their price objective on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.50.

Parsons Price Performance

Parsons stock opened at $64.95 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons has a one year low of $54.56 and a one year high of $114.68. The company has a market cap of $6.94 billion, a P/E ratio of 85.46, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. The business has a fifty day moving average of $62.76 and a two-hundred day moving average of $85.70.

Parsons announced that its board has approved a share repurchase program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PSN. Norden Group LLC purchased a new stake in shares of Parsons during the fourth quarter worth about $499,000. Wolverine Asset Management LLC acquired a new stake in Parsons during the fourth quarter worth approximately $577,000. Geode Capital Management LLC grew its stake in Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after acquiring an additional 95,040 shares during the period. Truist Financial Corp raised its holdings in Parsons by 12.5% in the 4th quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock valued at $4,175,000 after acquiring an additional 5,032 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Parsons by 15.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock worth $8,052,000 after purchasing an additional 11,520 shares during the period. 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.