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- Paychex results announced – the stock is down
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- Paychex results announced – the stock is down
- Founded: 1971
- Headquarters: Rochester, New York, United States
- Number of employees: 16,000 (2022)
- Industry: Business Process Outsourcing, human Capital Management
- Key people: B. Thomas Golisano (chairman), John Gibson (president & CEO), Efrain Rivera (senior VP & CFO)
- 1 month: +0.28%
- 3 months: +5.27%
- Year-to-date: +3.22%
- 1 year: +6.33%
- Barclays: $126
- UBS Group: $120
- Argus: $130
- Bank of America: $106
- Morgan Stanley: $127
- Royal Bank of Canada: $130
- TD Cowen: $131
- Wedbush: $115
- JP Morgan: $134
- Robert W. Baird: $126
- Deutsche Bank: $116
- Citigroup: $119
- Jefferies Financial: $120
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
News & AnalysisNews & AnalysisUS professional services company, Paychex Inc. (NASDAQ: PAYX), released financial results for second quarter of fiscal 2024 before the market open on Thursday.
Revenue reached $1.258 billion (up by 6% year-over-year), which fell short of $1.268 billion expected.
Earnings per share was reported at $1.08 per share (up by 9% year-over-year), slightly above estimate of $1.074 per share.
Company overview
CEO commentary
”We are pleased with our results for the second quarter and the first half of fiscal 2024, with total revenue growth of 6% and diluted earnings per share and adjusted diluted earnings per share growth through the first half of the fiscal year of 10%. The macro-economic environment remains stable for small and mid-sized businesses, who continue to face challenges in both the cost of and access to growth capital; and finding quality talent in the current labor market. Our Small Business Employment Watch continues to show moderation in both job growth and wage inflation,” John Gibson, CEO of the American company commented on the latest results.
”We continue to see demand for our HCM technology, HR and insurance solutions, as businesses struggle to comply with increasing regulations and a challenging HR landscape and labor market,” Gibson concluded.
Stock reaction
The stock fell by around 6% on Thursday, trading at $119.72 a share – the lowest level since 28/11/23.
Stock performance
Paychex stock price targets
Paychex Inc. is the 419th largest company in the world with a market cap of $43.07 billion.
You can trade Paychex Inc. (NASDAQ: PAYX) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.
Why trade during extended hours?
Sources: Paychex Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
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