Parsons (NYSE:PSN) Given New $90.00 Price Target at Truist Financial

Parsons (NYSE:PSN) had its price objective decreased by equities researchers at Truist Financial from $100.00 to $90.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 43.59% from the company’s current price.

PSN has been the topic of several other research reports. Robert W. Baird upped their price objective on Parsons from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 17th. UBS Group started coverage on shares of Parsons in a research note on Wednesday, November 19th. They issued a “buy” rating and a $107.00 target price for the company. KeyCorp raised their price target on shares of Parsons from $87.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Baird R W raised shares of Parsons from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and an average target price of $91.91.

Parsons Stock Performance

NYSE PSN traded down $21.78 on Friday, reaching $62.68. 4,831,114 shares of the company’s stock traded hands, compared to its average volume of 1,275,515. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 28.75, a P/E/G ratio of 4.29 and a beta of 0.65. The stock has a 50 day moving average price of $84.12 and a 200-day moving average price of $77.64. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $99.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.67 and a current ratio of 1.67.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, November 5th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The company’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. Equities research analysts predict that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc boosted its holdings in Parsons by 39.5% in the 3rd quarter. IFP Advisors Inc now owns 1,032 shares of the company’s stock worth $91,000 after buying an additional 292 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Parsons by 10.7% in the third quarter. Captrust Financial Advisors now owns 18,902 shares of the company’s stock valued at $1,567,000 after acquiring an additional 1,828 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Parsons by 16.9% in the third quarter. CANADA LIFE ASSURANCE Co now owns 31,416 shares of the company’s stock worth $2,574,000 after acquiring an additional 4,540 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Parsons in the third quarter worth approximately $1,309,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Parsons during the third quarter worth approximately $38,880,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.