Paychex, Inc. (NASDAQ:PAYX) had its price target raised by stock analysts at Wells Fargo & Company from $58.00 to $60.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has a “market perform” rating on the business services provider’s stock. Wells Fargo & Company’s target price suggests a potential downside of 3.21% from the company’s previous close.

Several other research firms have also weighed in on PAYX. Wedbush reissued a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird decreased their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Finally, Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $59.84.

Shares of Paychex (NASDAQ PAYX) traded up 1.36% during mid-day trading on Wednesday, reaching $62.83. The company’s stock had a trading volume of 1,703,046 shares. Paychex has a 52-week low of $52.78 and a 52-week high of $63.06. The company has a market capitalization of $22.58 billion, a PE ratio of 27.92 and a beta of 0.98. The firm’s 50 day moving average is $57.62 and its 200-day moving average is $58.16.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The company had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. Analysts forecast that Paychex will post $2.38 EPS for the current year.

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In related news, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the sale, the insider now owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the sale, the director now directly owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,497 shares of company stock worth $6,200,889. 11.70% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of PAYX. Global X Management Co. LLC lifted its position in shares of Paychex by 65.1% in the second quarter. Global X Management Co. LLC now owns 1,699 shares of the business services provider’s stock worth $101,000 after buying an additional 670 shares during the last quarter. Salem Investment Counselors Inc. boosted its stake in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after acquiring an additional 11 shares in the last quarter. Zions Bancorporation increased its holdings in shares of Paychex by 683.0% during the 2nd quarter. Zions Bancorporation now owns 1,754 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 1,530 shares during the last quarter. Motco increased its holdings in shares of Paychex by 17.4% during the 3rd quarter. Motco now owns 1,861 shares of the business services provider’s stock valued at $108,000 after acquiring an additional 276 shares during the last quarter. Finally, Jolley Asset Management LLC increased its holdings in shares of Paychex by 19.5% during the 2nd quarter. Jolley Asset Management LLC now owns 1,835 shares of the business services provider’s stock valued at $109,000 after acquiring an additional 300 shares during the last quarter. 67.31% of the stock is currently owned by hedge funds and other institutional investors.

About Paychex

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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