Granahan Investment Management LLC Sells 160,086 Shares of Parsons Co. (NYSE:PSN)

Granahan Investment Management LLC trimmed its position in Parsons Co. (NYSE:PSN - Free Report) by 76.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,150 shares of the company's stock after selling 160,086 shares during the period. Granahan Investment Management LLC's holdings in Parsons were worth $4,442,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new stake in Parsons in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parsons during the fourth quarter worth approximately $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Parsons in the 4th quarter valued at $26,000. Huntington National Bank lifted its stake in shares of Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after acquiring an additional 289 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after acquiring an additional 218 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

Parsons Trading Up 2.0%

NYSE PSN traded up $1.28 during trading hours on Wednesday, hitting $66.58. 4,267,657 shares of the company were exchanged, compared to its average volume of 1,134,172. The stock has a 50-day moving average price of $62.22 and a 200 day moving average price of $79.78. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The stock has a market cap of $7.12 billion, a PE ratio of 87.61, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57.

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 outstanding shares. This buyback authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

PSN has been the subject of several research analyst reports. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a research report on Friday, February 21st. Robert W. Baird cut shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. The Goldman Sachs Group dropped their target price on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. KeyCorp lowered their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Baird R W lowered Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Parsons presently has an average rating of "Moderate Buy" and a consensus price target 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.