RBC Capital Mkts initates Automatic Data Processing Inc. (ADP) stock to a Sector perform


In a filing, Automatic Data Processing Inc. revealed its Executive Chair Rodriguez Carlos A unloaded Company’s shares for reported $12.96 million on Sep 12. In the deal valued at $247.93 per share,52,254 shares were sold. As a result of this transaction, Rodriguez Carlos A now holds 44,859 shares worth roughly $ 11.09 million.

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Then, Rodriguez Carlos A sold 58,864 shares, generating $14,740,632 in total proceeds. Upon selling the shares at $250.42, the Executive Chair now owns 44,859 shares.

Before that, Rodriguez Carlos A sold 39,250 shares. Automatic Data Processing Inc. shares valued at $9,852,003 were divested by the Executive Chair at a price of $251.01 per share. As a result of the transaction, Rodriguez Carlos A now holds 44,859 shares, worth roughly $11.09 million.

RBC Capital Mkts initiated its Automatic Data Processing Inc. [ADP] rating to a Sector perform in a research note published on Monday, September 05, 2023; the price target was $267. PT values the company’s stock at a premium of 7.39 to its Monday closing price.

Price Performance Review of ADP

On Monday, Automatic Data Processing Inc. [NASDAQ:ADP] saw its stock jump 0.80% to $247.28. On the same session, the stock had its day’s lowest price of $245.7001, but rose to a high of $248.14. Over the last five days, the stock has lost -0.37%. Automatic Data Processing Inc. shares have risen nearly 3.53% since the year began. Nevertheless, the stocks have risen 7.18% over the past one year. While a 52-week high of $274.92 was reached on 07/27/23, a 52-week low of $201.46 was recorded on 04/26/23. SMA at 50 days reached $246.21, while 200 days put it at $230.51. A total of 1.15 million shares were traded, compared to the trading of 2.9 million shares in the previous session.

Levels Of Support And Resistance For ADP Stock

The 24-hour chart illustrates a support level at 245.94, which if violated will result in even more drops to 244.60. On the upside, there is a resistance level at 248.38. A further resistance level may holdings at 249.48. The Relative Strength Index (RSI) on the 14-day chart is 46.01, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -3.61, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 78.54%. Stochastics %K at 15.08% indicates the stock is a buying.

How much short interest is there in Automatic Data Processing Inc.?

A steep rise in short interest was recorded in Automatic Data Processing Inc. stocks on Aug 30, 2023, dropping by -0.52 million shares to a total of 3.99 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 4.51 million shares. There was a decline of -13.03%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.97% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.06.

Automatic Data Processing Inc. [ADP] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 37,452,009 shares, or roughly 9.09% of the outstanding ADP shares. In other words, the investor’s shares have fallen by -1,581,123 from its previous 13-F filing of 39033132.0. Additionally, BlackRock Fund Advisors increased 0.28% of its stake after which the total value it holdings stand at $5,526,147,863, while SSgA Funds Management, Inc. added 1.82% of its stake to hold $4.58 billion in the firm. Over the last quarter, Geode Capital Management LLC purchased 297,397 shares of Automatic Data Processing Inc., while AllianceBernstein LP bought -210,116 shares. At present, Charles Schwab Investment Managem is holding 8,472,075 shares valued at $2.16 billion. Fundsmith LLP owned 7,128,964 shares of the company at the time of its most recent 13F filing, worth $1.82 billion.

According to FactSet, Automatic Data Processing Inc.’s share price will average $259.81 in the next year, based on opinions of analysts polled by the firm. This is up nearly 5.99 percent from its previous closing price of $245.31. Analysts expect Automatic Data Processing Inc. stock to reach the higher price of $285.00, while the lowest price estimate is $225.00. However, 23 analysts have rated ADP stock as a Hold in their predictions for 2023.


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