Washington Harbour Partners LP Purchases Shares of 13,900 Parsons Co. (NYSE:PSN)

Washington Harbour Partners LP purchased a new position in shares of Parsons Co. (NYSE:PSN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,900 shares of the company’s stock, valued at approximately $1,282,000. Parsons comprises about 2.4% of Washington Harbour Partners LP’s portfolio, making the stock its 20th largest position.

Several other hedge funds have also recently modified their holdings of PSN. Artisan Partners Limited Partnership grew its stake in Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock valued at $190,932,000 after purchasing an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Parsons during the fourth quarter worth about $63,417,000. Norges Bank purchased a new stake in Parsons in the fourth quarter valued at approximately $59,447,000. Freestone Grove Partners LP acquired a new position in Parsons in the 4th quarter worth approximately $40,318,000. Finally, FIL Ltd purchased a new position in Parsons during the 4th quarter worth approximately $27,868,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Down 0.8%

Parsons stock opened at $68.46 on Tuesday. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The stock has a market capitalization of $7.32 billion, a PE ratio of 90.08, 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 business has a 50 day simple moving average of $62.99 and a 200-day simple moving average of $78.49.

Parsons declared that its board has authorized a share buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Benchmark reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. TD Cowen lowered shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a report on Friday, February 21st. Jefferies Financial Group reiterated a “hold” rating and set a $65.00 price objective (down previously from $75.00) on shares of Parsons in a research note on Monday, May 5th. Bank of America lowered their target price on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Finally, The Goldman Sachs Group reduced their price target on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.20.

Parsons 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.