Parsons Co. (NYSE:PSN) Shares Sold by Driehaus Capital Management LLC

Driehaus Capital Management LLC decreased its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 19.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 493,245 shares of the company's stock after selling 121,460 shares during the quarter. Driehaus Capital Management LLC owned approximately 0.46% of Parsons worth $45,502,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PSN. Tidal Investments LLC lifted its position in Parsons by 140.9% in the third quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock valued at $748,000 after buying an additional 4,220 shares during the last quarter. Franklin Resources Inc. lifted its position in Parsons by 11.8% in the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock valued at $64,813,000 after buying an additional 63,657 shares during the last quarter. Principal Financial Group Inc. lifted its position in Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock valued at $123,685,000 after buying an additional 183,117 shares during the last quarter. GAMMA Investing LLC lifted its position in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after buying an additional 218 shares during the last quarter. Finally, First Hawaiian Bank lifted its position in Parsons by 48.8% in the fourth quarter. First Hawaiian Bank now owns 39,523 shares of the company's stock valued at $3,646,000 after buying an additional 12,964 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Performance

Shares of PSN stock traded up $1.02 during trading hours on Monday, hitting $65.11. The stock had a trading volume of 857,659 shares, compared to its average volume of 1,119,979. The firm has a market capitalization of $6.96 billion, a PE ratio of 85.67, a PEG ratio of 0.93 and a beta of 0.57. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The stock's 50 day moving average is $61.93 and its 200 day moving average is $80.16. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Parsons announced that its Board of Directors has authorized a stock buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Jefferies Financial Group reaffirmed a "hold" rating and issued a $65.00 target price (down previously from $75.00) on shares of Parsons in a research report on Monday, May 5th. Bank of America cut their price target on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. The Goldman Sachs Group cut their price target on shares of Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. William Blair upgraded shares of Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Finally, Benchmark reiterated a "buy" rating and set a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $90.20.

Parsons 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.