Intrinsic Edge Capital Management LLC Sells 40,000 Shares of Parsons Co. (NYSE:PSN)

Intrinsic Edge Capital Management LLC trimmed its holdings in Parsons Co. (NYSE:PSN - Free Report) by 44.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,171 shares of the company's stock after selling 40,000 shares during the period. Intrinsic Edge Capital Management LLC's holdings in Parsons were worth $4,536,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Tidal Investments LLC raised its holdings in Parsons by 140.9% during the third quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock worth $748,000 after acquiring an additional 4,220 shares in the last quarter. Franklin Resources Inc. raised its holdings in Parsons by 11.8% during the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock worth $64,813,000 after acquiring an additional 63,657 shares in the last quarter. Retirement Systems of Alabama bought a new stake in Parsons during the third quarter worth about $5,884,000. Principal Financial Group Inc. raised its holdings in Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock worth $123,685,000 after acquiring an additional 183,117 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after acquiring an additional 218 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of PSN traded down $1.91 during midday trading on Wednesday, reaching $66.75. 2,781,006 shares of the stock were exchanged, compared to its average volume of 1,103,596. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The company has a market cap of $7.13 billion, a P/E ratio of 87.83, a PEG ratio of 0.93 and a beta of 0.66. The stock's 50 day simple moving average is $61.11 and its 200 day simple moving average is $82.77.

Parsons announced that its board has authorized a stock buyback program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PSN has been the topic of several analyst reports. Jefferies Financial Group dropped their target price on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, January 24th. Robert W. Baird decreased their target price on Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. KeyCorp cut their price target on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group reduced their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Finally, TD Cowen cut shares of 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. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Parsons currently has a consensus rating of "Moderate Buy" and an average price target of $93.60.

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.