Credit Suisse Group started coverage on shares of Paychex (NASDAQ:PAYX) in a report issued on Friday. The firm set a “neutral” rating and a $72.00 price target on the business services provider’s stock. Credit Suisse Group’s target price would indicate a potential upside of 1.38% from the stock’s current price.
A number of other research analysts have also commented on PAYX. Stifel Nicolaus increased their price objective on Paychex from $66.00 to $69.00 and gave the company a “hold” rating in a report on Thursday, June 28th. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a report on Friday. ValuEngine raised Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Citigroup increased their price objective on Paychex from $64.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, June 28th. Finally, Morgan Stanley raised their target price on Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $67.82.
Shares of NASDAQ PAYX opened at $71.02 on Friday. The stock has a market cap of $25.58 billion, a PE ratio of 27.85, a P/E/G ratio of 3.06 and a beta of 0.94. Paychex has a 52 week low of $54.20 and a 52 week high of $73.10.
In other Paychex news, Director David J. S. Flaschen sold 6,250 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $69.62, for a total value of $435,125.00. Following the sale, the director now owns 32,787 shares of the company’s stock, valued at approximately $2,282,630.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Anthony Bottini sold 30,000 shares of Paychex stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $71.03, for a total value of $2,130,900.00. The disclosure for this sale can be found here. Insiders sold a total of 200,388 shares of company stock worth $14,044,274 in the last ninety days. Insiders own 11.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Advisors Preferred LLC grew its holdings in shares of Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after purchasing an additional 843 shares in the last quarter. Clarus Wealth Advisors acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $109,000. Rational Advisors LLC acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $151,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Paychex during the 1st quarter worth approximately $137,000. Finally, Whitnell & Co. acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $171,000. 68.62% of the stock is currently owned by institutional investors.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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