Barrett Business Services (NASDAQ:BBSI) Stock Moved Up to Hold by Zacks Research

Key Points

• Zacks Research upgraded Barrett Business Services from “strong sell” to “hold.” Overall, analysts rate the stock “Moderate Buy,” with a consensus price target of $41.00.
• BBSI shares opened at $31.28, below their 50-day and 200-day moving averages. The stock has traded between $25.33 and $45.53 over the past year.
• The company’s latest quarterly results fell short of expectations, reporting $0.52 EPS versus the $0.56 estimate and revenue of $319.27 million versus $321.55 million expected. Institutional investors own approximately 86.76% of the stock.

Barrett Business Services (NASDAQ:BBSI - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

Other analysts also recently issued reports about the stock. Weiss Ratings raised shares of Barrett Business Services from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 13th. Roth Capital cut shares of Barrett Business Services from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $42.00 to $38.00 in a report on Thursday, August 6th. Barrington Research set a $44.00 target price on shares of Barrett Business Services in a research report on Thursday, August 6th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Barrett Business Services in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Barrett Business Services Stock Up 0.2%

Barrett Business Services stock opened at $31.28 on Monday. The stock has a 50-day moving average price of $33.60 and a 200 day moving average price of $33.09. The company has a market capitalization of $758.07 million, a price-to-earnings ratio of 23.00, a price-to-earnings-growth ratio of 1.16 and a beta of 0.94. Barrett Business Services has a 52 week low of $25.33 and a 52 week high of $45.53.

Barrett Business Services (NASDAQ:BBSI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The business services provider reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.04). Barrett Business Services had a return on equity of 20.95% and a net margin of 2.77%.The business had revenue of $319.27 million during the quarter, compared to analyst estimates of $321.55 million. Research analysts anticipate that Barrett Business Services will post 1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Barrett Business Services

Several institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new stake in Barrett Business Services during the second quarter worth $26,000. Waverly Advisors LLC increased its holdings in Barrett Business Services by 0.6% in the second quarter. Waverly Advisors LLC now owns 60,543 shares of the business services provider's stock valued at $2,150,000 after buying an additional 350 shares in the last quarter. Corient Private Wealth LP increased its holdings in Barrett Business Services by 5.0% in the second quarter. Corient Private Wealth LP now owns 36,377 shares of the business services provider's stock valued at $1,292,000 after buying an additional 1,741 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its position in shares of Barrett Business Services by 15.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 45,857 shares of the business services provider's stock worth $1,629,000 after acquiring an additional 6,062 shares during the period. Finally, Grandeur Peak Global Advisors LLC acquired a new position in shares of Barrett Business Services in the second quarter worth about $10,847,000. 86.76% of the stock is owned by hedge funds and other institutional investors.

About Barrett Business Services

Barrett Business Services, Inc NASDAQ: BBSI is a provider of business management and workforce solutions for small and midsize businesses in the United States. The company combines professional employer organization (PEO) services with staffing and management consulting to help clients manage employment-related responsibilities and day-to-day operations.

Its services include payroll administration, human resources support, employee benefits administration, risk management, workers' compensation management, and regulatory compliance assistance.

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