The Goldman Sachs Group Issues Pessimistic Forecast for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN - Get Free Report) had its target price lowered by equities research analysts at The Goldman Sachs Group from $90.00 to $80.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective indicates a potential upside of 17.53% from the company's previous close.

A number of other analysts have also issued reports on PSN. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Baird R W lowered Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Robert W. Baird lowered Parsons from an "outperform" rating to a "neutral" rating and cut their target price for the company from $72.00 to $69.00 in a research report on Thursday, May 1st. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective on the stock. in a research report on Friday, February 21st. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $65.00 price objective (down previously from $75.00) on shares of Parsons in a research report on Monday, May 5th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Parsons currently has an average rating of "Moderate Buy" and a consensus price target of $86.90.

Parsons Trading Down 1.0%

Shares of PSN stock traded down $0.70 during trading on Wednesday, hitting $68.07. 1,361,701 shares of the stock traded hands, compared to its average volume of 1,188,939. The firm has a market capitalization of $7.27 billion, a P/E ratio of 89.57, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The firm's fifty day moving average price is $64.67 and its 200-day moving average price is $75.41. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68.

Parsons declared that its board has approved a stock repurchase plan on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Parsons

Several large investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Parsons by 0.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock valued at $1,311,000 after buying an additional 131 shares during the last quarter. ProShare Advisors LLC increased its holdings in Parsons by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock valued at $202,000 after buying an additional 149 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Parsons by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,287 shares of the company's stock valued at $303,000 after buying an additional 163 shares during the last quarter. CWM LLC increased its holdings in Parsons by 2.1% in the first quarter. CWM LLC now owns 7,810 shares of the company's stock valued at $462,000 after buying an additional 163 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in Parsons by 0.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company's stock valued at $2,964,000 after buying an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

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.