Needham Investment Management LLC Acquires 27,500 Shares of Parsons Co. (NYSE:PSN)

Needham Investment Management LLC boosted its holdings in Parsons Co. (NYSE:PSN) by 11.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 275,000 shares of the company’s stock after acquiring an additional 27,500 shares during the quarter. Parsons comprises about 2.2% of Needham Investment Management LLC’s investment portfolio, making the stock its 9th biggest holding. Needham Investment Management LLC’s holdings in Parsons were worth $28,512,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. True Wealth Design LLC purchased a new position in shares of Parsons in the third quarter valued at $30,000. V Square Quantitative Management LLC purchased a new position in shares of Parsons in the third quarter valued at $33,000. Tanglewood Legacy Advisors LLC purchased a new position in shares of Parsons in the second quarter valued at $44,000. Capital Performance Advisors LLP purchased a new position in shares of Parsons in the third quarter valued at $45,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Parsons in the third quarter valued at $72,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Price Performance

NYSE:PSN remained flat at $95.98 during midday trading on Tuesday. The company had a trading volume of 44,964 shares, compared to its average volume of 898,744. Parsons Co. has a twelve month low of $61.10 and a twelve month high of $114.68. The stock has a market capitalization of $10.19 billion, a price-to-earnings ratio of 145.40, a price-to-earnings-growth ratio of 1.71 and a beta of 0.74. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm has a fifty day moving average of $104.50 and a two-hundred day moving average of $91.75.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Raymond James lowered Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a research note on Wednesday, October 23rd. Robert W. Baird raised their price target on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Truist Financial cut their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, KeyCorp lifted their price objective on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $105.13.

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.