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Equities research analysts at Goldman Sachs initiated coverage on shares of Paychex (NASDAQ:PAYX) in a note issued to investors on Tuesday. The firm set a “conviction-buy” rating on the stock.

Paychex (NASDAQ:PAYX) traded up 1.28% during mid-day trading on Tuesday, hitting $41.96. 836,941 shares of the company’s stock traded hands. Paychex has a one year low of $36.80 and a one year high of $45.95. The stock’s 50-day moving average is $41.15 and its 200-day moving average is $41.94. The company has a market cap of $15.231 billion and a price-to-earnings ratio of 24.23.

Paychex (NASDAQ:PAYX) last released its earnings data on Tuesday, July 1st. The company reported $0.40 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.40. The company had revenue of $639.00 million for the quarter, compared to the consensus estimate of $617.35 million. During the same quarter last year, the company posted $0.38 earnings per share. Paychex’s revenue was up 9.2% compared to the same quarter last year. Analysts expect that Paychex will post $1.84 EPS for the current fiscal year.

A number of other firms have also recently commented on PAYX. Analysts at JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Paychex in a research note on Thursday, July 3rd. They now have a $40.00 price target on the stock, up previously from $38.00. Separately, analysts at Citigroup Inc. reiterated an “in-line” rating on shares of Paychex in a research note on Thursday, July 3rd. Finally, analysts at Bank of America reiterated a “neutral” rating on shares of Paychex in a research note on Thursday, July 3rd. They now have a $44.00 price target on the stock, down previously from $47.00. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $41.00.

Paychex, Inc is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.

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