TD Cowen Cuts Parsons (NYSE:PSN) Price Target to $62.00

Key Points

• TD Cowen lowered Parsons’ price target to $62 from $72 while maintaining a “buy” rating, implying 46.76% potential upside from the stock’s $42.24 price.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $63, despite several firms also reducing targets and one rating the stock “sell.”
• Parsons recently missed quarterly earnings expectations, reporting a $0.06 loss per share versus a projected $0.76 profit, while revenue declined 0.5% year over year to $1.59 billion.

Parsons (NYSE:PSN - Get Free Report) had its price target dropped by analysts at TD Cowen from $72.00 to $62.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's price target points to a potential upside of 46.76% from the stock's current price.

A number of other analysts also recently issued reports on the company. Robert W. Baird raised Parsons from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $48.00 to $57.00 in a research report on Friday, August 21st. UBS Group dropped their price target on shares of Parsons from $67.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Weiss Ratings cut Parsons from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th. Truist Financial reaffirmed a "buy" rating and issued a $60.00 target price (down from $75.00) on shares of Parsons in a research report on Thursday, July 30th. Finally, The Goldman Sachs Group decreased their target price on shares of Parsons from $69.00 to $60.00 and set a "neutral" rating for the company in a research note on Monday, August 3rd. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

Parsons Trading Up 0.3%

NYSE:PSN traded up $0.14 on Tuesday, hitting $42.24. 148,610 shares of the stock were exchanged, compared to its average volume of 1,306,962. Parsons has a fifty-two week low of $36.26 and a fifty-two week high of $89.50. The stock has a market cap of $4.51 billion, a PE ratio of 29.10, a PEG ratio of 3.09 and a beta of 0.72. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $46.22 and a 200-day moving average of $51.51.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.82). The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. Parsons's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 earnings per share. As a group, equities analysts expect that Parsons will post 2.29 earnings per share for the current fiscal year.

Insider Transactions at Parsons

In other Parsons news, Director George Ball purchased 20,000 shares of Parsons stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares of the company's stock, valued at approximately $8,173,272.51. This trade represents a 13.30% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.31% of the company's stock.

Institutional Investors Weigh In On Parsons

Several institutional investors and hedge funds have recently bought and sold shares of PSN. Sequoia Financial Advisors LLC boosted its stake in shares of Parsons by 11.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,469 shares of the company's stock worth $339,000 after buying an additional 654 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Parsons during the 2nd quarter worth approximately $72,000. IFP Advisors Inc increased its stake in shares of Parsons by 15.1% in the second quarter. IFP Advisors Inc now owns 1,623 shares of the company's stock worth $85,000 after purchasing an additional 213 shares in the last quarter. Baird Financial Group Inc. purchased a new position in shares of Parsons during the second quarter worth about $207,000. Finally, Nykredit A S bought a new position in shares of Parsons in the second quarter worth approximately $87,000. Institutional investors own 98.02% of the company's stock.

Parsons Company Profile

Parsons Corporation NYSE: PSN is a technology-driven engineering, infrastructure and defense contractor. The company provides solutions for government and commercial customers in areas including national security, intelligence, cybersecurity, space, missile defense, transportation, environmental remediation, water and energy.

Parsons organizes its operations around Federal Solutions and Critical Infrastructure. Its offerings include systems engineering, program management, software and technology development, cyber and intelligence services, engineering and construction management, infrastructure modernization, and environmental services.

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