Barrett Business Services (NASDAQ:BBSI) Reaches New 12-Month High – Here’s What Happened

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on BBSI shares. Roth Mkm lifted their target price on Barrett Business Services from $40.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Barrington Research reaffirmed an “outperform” rating and issued a $41.00 price objective on shares of Barrett Business Services in a report on Tuesday, October 29th.

Barrett Business Services Price Performance

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

Insider Activity at Barrett Business Services

In other Barrett Business Services news, CEO Gary Kramer sold 34,288 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.05, for a total value of $1,201,794.40. Following the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Barrett Business Services

A number of hedge funds have recently made changes to their positions in BBSI. Dimensional Fund Advisors LP increased its position in Barrett Business Services by 281.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 867,708 shares of the business services provider’s stock valued at $28,435,000 after acquiring an additional 640,508 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Barrett Business Services by 299.4% during the second quarter. Renaissance Technologies LLC now owns 798,500 shares of the business services provider’s stock valued at $26,167,000 after purchasing an additional 598,567 shares during the period. Mawer Investment Management Ltd. bought a new stake in shares of Barrett Business Services during the second quarter valued at about $17,870,000. American Century Companies Inc. lifted its holdings in Barrett Business Services by 155.9% in the second quarter. American Century Companies Inc. now owns 535,896 shares of the business services provider’s stock worth $17,561,000 after purchasing an additional 326,502 shares during the period. Finally, Pacific Ridge Capital Partners LLC grew its position in Barrett Business Services by 259.8% in the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 378,786 shares of the business services provider’s stock valued at $12,413,000 after buying an additional 273,516 shares in the last quarter. Institutional investors own 86.76% of the company’s stock.

About Barrett Business Services

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.