Parsons Co. (NYSE:PSN) is Needham Investment Management LLC’s 9th Largest Position

Needham Investment Management LLC increased its stake in Parsons Co. (NYSE:PSN) by 11.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 275,000 shares of the company’s stock after acquiring an additional 27,500 shares during the period. Parsons makes up approximately 2.2% of Needham Investment Management LLC’s investment portfolio, making the stock its 9th biggest position. Needham Investment Management LLC owned 0.26% of Parsons worth $28,512,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSN. True Wealth Design LLC purchased a new position in shares of Parsons during the third quarter valued at approximately $30,000. V Square Quantitative Management LLC bought a new position in Parsons in the third quarter worth approximately $33,000. Capital Performance Advisors LLP bought a new position in Parsons in the third quarter worth approximately $45,000. Tanglewood Legacy Advisors LLC bought a new position in Parsons in the second quarter worth approximately $44,000. Finally, DekaBank Deutsche Girozentrale bought a new position in Parsons in the third quarter worth approximately $72,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSN. KeyCorp upped their price target on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Truist Financial decreased their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Robert W. Baird upped their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective for the company. in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.13.

Parsons Stock Performance

PSN stock remained flat at $95.98 during mid-day trading on Tuesday. 44,964 shares of the company’s stock were exchanged, compared to its average volume of 898,744. The company’s fifty day moving average price is $104.50 and its 200 day moving average price is $91.75. Parsons Co. has a 12 month low of $61.10 and a 12 month high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market cap of $10.19 billion, a PE ratio of 145.40, a PEG ratio of 1.71 and a beta of 0.74.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. On average, analysts forecast that Parsons Co. will post 3.02 earnings per share for the current fiscal year.

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.