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TD Cowen downgrades Paychex Inc. (PAYX) stock to a Market perform

Paychex Inc.’s filing revealed that its Director FLASCHEN DAVID J S acquired Company’s shares for reported $5556.0 on Aug 24 ’24. In the deal valued at $122.31 per share,45 shares were bought. As a result of this transaction, FLASCHEN DAVID J S now holds 6,289 shares worth roughly $0.75 million.

Then, Gioja Michael E sold 40,068 shares, generating $4,883,889 in total proceeds. Upon selling the shares at $121.89, the Sr. Vice President now owns 19,194 shares.

Before that, Bottini Mark Anthony sold 15,481 shares. Paychex Inc. shares valued at $1,865,925 were divested by the Sr. VP of Sales at a price of $120.53 per share. As a result of the transaction, Bottini Mark Anthony now holds 82,690 shares, worth roughly $9.82 million.

TD Cowen downgraded its Paychex Inc. [PAYX] rating to a Market perform from a an Outperform in a research note published on December 22, 2023; the price target was decreased to $123 from $132. A number of analysts have revised their coverage, including Barclays’s analysts, who increased its forecast for the stock in mid December from “an Underweight” to “an Equal weight”. UBS began covering PAYX with “Neutral” recommendation on November 07, 2023. RBC Capital Mkts started covering the stock on September 05, 2023. It rated PAYX as “a Sector perform”.

Price Performance Review of PAYX

On Tuesday, Paychex Inc. [NASDAQ:PAYX] saw its stock fall -1.66% to $118.81. Over the last five days, the stock has lost -2.31%. Paychex Inc. shares have fallen nearly -0.25% since the year began. Nevertheless, the stocks have risen 8.15% over the past one year. While a 52-week high of $129.70 was reached on 04/09/24, a 52-week low of $104.09 was recorded on 04/02/24. SMA at 50 days reached $121.81, while 200 days put it at $120.45. A total of 1.69 million shares were traded, compared to the trading of 1.93 million shares in the previous session.

Levels Of Support And Resistance For PAYX Stock

The 24-hour chart illustrates a support level at 118.18, which if violated will result in even more drops to 117.56. On the upside, there is a resistance level at 119.95. A further resistance level may holdings at 121.10. The Relative Strength Index (RSI) on the 14-day chart is 42.39, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.15, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 86.82%. Stochastics %K at 24.78% indicates the stock is a holding.

The most recent change occurred on June 02, 2023 when UBS began covering the stock and recommended ‘”a Neutral”‘ rating along with a $115 price target.

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