Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Paychex Inc. shares valued at $1,129,292 were sold by DOODY JOSEPH on Aug 26 ’24. At $130.69 per share, DOODY JOSEPH sold 8,641 shares. The insider’s holdings dropped to 761 shares worth approximately $0.1 million following the completion of this transaction.
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Also, DOODY JOSEPH purchased 8,641 shares, netting a total of over 1,129,309 in proceeds.
Before that, Simmons Christopher C had sold 2,344 shares from its account. In a trade valued at $293,797, the VP, Controller & Treasurer traded Paychex Inc. shares for $125.34 each. Upon closing the transaction, the insider’s holdings decreased to 2,344 shares, worth approximately $0.69 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 0.72%. Over the course of the year, Paychex Inc. shares have jumped approximately 11.65%. Shares of the company reached a 52-week high of $134.27 on 09/10/24 and a 52-week low of $114.72 on 04/02/24. A 50-day SMA is recorded $125.42, while a 200-day SMA reached $122.84. Nevertheless, trading volume fell to 2.31 million shares from 1.23 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 130.26, which, if violated, would cause prices to drop to 127.54. In the upper region, resistance lies at 134.65. The next price resistance is at 136.32. RSI (Relative Strength Index) is 64.51 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.28, which suggests the price will increase in the coming days. Percent R is at 17.09%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
