This week, Paychex Inc. (NASDAQ: PAYX), an American publicly traded, human resources, and payroll company, reported its fourth quarter (Q4) 2022 results. On June 29, 2023, Thursday, Paychex reported its annual gains in fiscal Q4 earnings and sales. This gain was noted in between an increase in clients and their staffing levels. Notably, the company forecast “a deceleration in the top and bottom-line growth for the current fiscal year.”
Paychex Inc. earnings per share for the last quarter are $0.97 whereas the estimation was almost the same, still accounting for a negative 0.16% surprise. Its revenue for the same period amounts to $1.23 Billion despite the estimated figure of $1.22 Billion. Now, the estimated earnings for the upcoming quarter are $1.12, and revenue is expected to reach $1.28 Billion.
The total expenses expanded 3% to $776.3 Million due to increased compensation costs and ongoing investments in product development, technology, and marketing, as Paychex said. Its operating margin rose to 36.9% in Q4 2022 from 34.4% in the same period of fiscal 2022.
PAYX Stock Weekly Price Analysis
According to TradingView, a web-based social network for traders, PAYX stock price showed more than a 3% price gain this week, which closed at $111.87 on June 30, 2023, Friday. The opening price of the stock on Friday’s trading session was $111.16, while the high was $113.39 and the low was $110.22. As Paychex has reported its Q4 2022 reports this week, its stock price experienced little fluctuation.
With the bears’ dominance in the market on June 29, the stock price surpassed its 200-day moving average which closed near its 100-day EMA on Friday’s trading session. After the fourth quarter result, the stock has shown a bullish outlook with an upside ride of its RSI.
From the above price chart, it can be seen that the stock price witnessed a strong fight between active bulls and bears in the market last month. This eventually showed a bullish outlook as PAYX stock noted more than a 4% increase in the last 1-month. However, the year-to-date (YTD) price of stock showed nearly a 4% decline.
The one-year price target that analysts are offering is $118.50 which is up more than 5% from its closing price. Notably, their maximum estimate is $135.00 while the minimum estimate is $103.00.
From the last 1 month, PAYX stock price showed bullish sentiments which may take an upside ride if the active bulls in the market continuously show their dominance in the future. However, the stock can perform the opposite if the potential bears join the trading session on the upcoming Monday.
Disclaimer
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/01/paychex-inc-nasdaq-payx-stock-weekly-price-analysis/