Barrett Business Services (NASDAQ:BBSI) Reaches New 1-Year High – Time to Buy?

Barrett Business Services, Inc. (NASDAQ:BBSI) shares hit a new 52-week high on Wednesday . The company traded as high as $39.94 and last traded at $39.78, with a volume of 4067 shares traded. The stock had previously closed at $37.42.

Analysts Set New Price Targets

Several equities analysts have weighed in on BBSI shares. Barrington Research reissued an “outperform” rating and set a $41.00 price target on shares of Barrett Business Services in a research report on Tuesday, October 29th. Roth Mkm upped their target price on shares of Barrett Business Services from $40.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, August 1st.

Barrett Business Services Stock Up 7.9 %

The company has a 50 day moving average of $36.63 and a 200 day moving average of $34.38. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 1.22 and a beta of 1.39.

Insider Activity

In other Barrett Business Services news, CEO Gary Kramer sold 34,288 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.05, for a total transaction of $1,201,794.40. Following the transaction, the chief executive officer now owns 242,543 shares of the company’s stock, valued at $8,501,132.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Barrett Business Services

Large investors have recently modified their holdings of the company. CWM LLC raised its holdings in Barrett Business Services by 12,014.3% in the second quarter. CWM LLC now owns 848 shares of the business services provider’s stock valued at $28,000 after buying an additional 841 shares during the period. Amalgamated Bank raised its stake in shares of Barrett Business Services by 300.0% in the 2nd quarter. Amalgamated Bank now owns 936 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 702 shares during the period. Huntington National Bank purchased a new position in shares of Barrett Business Services in the 3rd quarter valued at $39,000. USA Financial Formulas purchased a new stake in Barrett Business Services during the 3rd quarter worth $60,000. Finally, Nisa Investment Advisors LLC increased its holdings in Barrett Business Services by 415.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,906 shares of the business services provider’s stock valued at $95,000 after purchasing an additional 2,342 shares in the last quarter. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Barrett Business Services Company Profile

Barrett Business Services, Inc provides business management solutions for small and mid-sized companies in the United States. The company develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry.