Truist Financial Lowers Parsons (NYSE:PSN) Price Target to $70.00

Parsons (NYSE:PSN - Free Report) had its price objective cut by Truist Financial from $85.00 to $70.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Bank of America cut their target price on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group decreased their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. KeyCorp reduced their price target on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Raymond James downgraded Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Finally, Benchmark restated a "buy" rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $93.60.

Parsons Stock Performance

Shares of Parsons stock traded up $0.50 during midday trading on Monday, hitting $65.03. The company had a trading volume of 1,255,617 shares, compared to its average volume of 1,071,205. 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 business's 50 day simple moving average is $61.98 and its two-hundred day simple moving average is $85.13. Parsons has a 1-year low of $54.56 and a 1-year high of $114.68. The stock has a market cap of $6.94 billion, a PE ratio of 85.57, a P/E/G ratio of 0.93 and a beta of 0.66.

Parsons declared that its board has initiated a share 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 reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Parsons

Several hedge funds have recently bought and sold shares of PSN. CIBC Private Wealth Group LLC acquired a new position in Parsons during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons during the fourth quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new position in shares of Parsons during the fourth quarter valued at approximately $26,000. Huntington National Bank raised its position in 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 buying an additional 289 shares during the last quarter. Finally, Versant Capital Management Inc bought a new position in Parsons during the 1st quarter valued at $27,000. Institutional investors and hedge funds 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.