Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Automatic Data Processing Inc. shares valued at $90,900 were sold by KUTAM SREENIVASA on Mar 04 ’24. At $247.01 per share, KUTAM SREENIVASA sold 368 shares. The insider’s holdings dropped to 20,319 shares worth approximately $4.97 million following the completion of this transaction.
Also, Albinson Brock sold 1,170 shares, netting a total of over 291,833 in proceeds. Following the sale of shares at $249.43 each, the insider now holds 4,025 shares.
Before that, KUTAM SREENIVASA had sold 694 shares from its account. In a trade valued at $173,104, the Corp VP traded Automatic Data Processing Inc. shares for $249.43 each. Upon closing the transaction, the insider’s holdings decreased to 694 shares, worth approximately $5.06 million.
As published in a research note from BofA Securities on January 17, 2024, Automatic Data Processing Inc. [ADP] has been rated up from an Underperform to a Neutral and the price target has been revised to $243 from $217. Analysts at Wolfe Research upgraded the stock from ‘”an Underperform”‘ to ‘”a Peer perform”‘ outlook in a report released in early January. As of November 07, 2023, UBS has initiated its “Neutral” rating for ADP. Earlier on September 05, 2023, RBC Capital Mkts initiated its rating. Their recommendation was “a Sector perform” for ADP stock.
Analyzing ADP Stock Performance
During the last five days, there has been a surge of approximately 1.21%. Over the course of the year, Automatic Data Processing Inc. shares have jumped approximately 4.91%. Shares of the company reached a 52-week high of $256.57 on 02/26/24 and a 52-week low of $231.67 on 01/03/24. A 50-day SMA is recorded $247.80, while a 200-day SMA reached $240.11. Nevertheless, trading volume fell to 1.06 million shares from 1.26 million shares the previous day.
Support And Resistance Levels for Automatic Data Processing Inc. (ADP)
According to the 24-hour chart, there is a support level at 242.67, which, if violated, would cause prices to drop to 240.91. In the upper region, resistance lies at 246.47. The next price resistance is at 248.52. RSI (Relative Strength Index) is 47.21 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.58, which suggests the price will decrease in the coming days. Percent R is at 59.17%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Automatic Data Processing Inc. subject to short interest?
Stocks of Automatic Data Processing Inc. saw a sharp steep in short interest on Mar 28, 2024 dropping by 40000.0 shares to 4.56 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 4.6 million shares. A decline of -0.88% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.94 of the overall float, the days-to-cover ratio (short ratio) decline to 1.94.
