Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Paychex Inc. shares valued at $5,556 were purchased by FLASCHEN DAVID J S on Aug 24 ’24. At $122.31 per share, FLASCHEN DAVID J S acquired 45 shares. The insider’s holdings grew to 6,289 shares worth approximately $0.78 million following the completion of this transaction.
Also, Gioja Michael E sold 40,068 shares, netting a total of over 4,883,889 in proceeds. Following the sale of shares at $121.89 each, the insider now holds 19,194 shares.
Before that, Bottini Mark Anthony had sold 15,481 shares from its account. In a trade valued at $1,865,925, the Sr. VP of Sales traded Paychex Inc. shares for $120.53 each. Upon closing the transaction, the insider’s holdings decreased to 15,481 shares, worth approximately $10.27 million.
As published in a research note from TD Cowen on December 22, 2023, Paychex Inc. [PAYX] has been rated down from an Outperform to a Market perform and the price target has been revised to $123 from $132. Analysts at Barclays upgraded the stock from ‘”an Underweight”‘ to ‘”an Equal weight”‘ outlook in a report released in mid December. As of November 07, 2023, UBS has initiated its “Neutral” rating for PAYX. Earlier on September 05, 2023, RBC Capital Mkts initiated its rating. Their recommendation was “a Sector perform” for PAYX stock.
Analyzing PAYX Stock Performance
During the last five days, there has been a surge of approximately 3.54%. Over the course of the year, Paychex Inc. shares have jumped approximately 4.31%. Shares of the company reached a 52-week high of $126.71 on 04/09/24 and a 52-week low of $114.72 on 04/02/24. A 50-day SMA is recorded $122.14, while a 200-day SMA reached $120.04. Nevertheless, trading volume fell to 1.71 million shares from 1.91 million shares the previous day.
Support And Resistance Levels for Paychex Inc. (PAYX)
According to the 24-hour chart, there is a support level at 122.76, which, if violated, would cause prices to drop to 121.28. In the upper region, resistance lies at 125.79. The next price resistance is at 127.34. RSI (Relative Strength Index) is 56.15 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.03, which suggests the price will increase in the coming days. Percent R is at 20.60%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Paychex Inc. subject to short interest?
Stocks of Paychex Inc. saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.32 million shares to 11.16 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 10.84 million shares. A jump of 2.87% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.19 of the overall float, the days-to-cover ratio (short ratio) jumped to 6.19.
