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The Potential Rise in the Price of Automatic Data Processing Inc. (ADP) following insiders activity

Automatic Data Processing Inc.’s recently made public that its Corp VP KUTAM SREENIVASA unloaded Company’s shares for reported $90900.0 on Mar 04 ’24. In the deal valued at $247.01 per share,368 shares were sold. As a result of this transaction, KUTAM SREENIVASA now holds 20,319 shares worth roughly $5.04 million.

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Then, Albinson Brock sold 1,170 shares, generating $291,833 in total proceeds. Upon selling the shares at $249.43, the Corp. VP now owns 4,025 shares.

Before that, KUTAM SREENIVASA sold 694 shares. Automatic Data Processing Inc. shares valued at $173,104 were divested by the Corp VP at a price of $249.43 per share. As a result of the transaction, KUTAM SREENIVASA now holds 20,687 shares, worth roughly $5.13 million.

BofA Securities upgraded its Automatic Data Processing Inc. [ADP] rating to a Neutral from a an Underperform in a research note published on January 17, 2024; the price target was increased to $243 from $217. A number of analysts have revised their coverage, including Wolfe Research’s analysts, who increased its forecast for the stock in early January from “an Underperform” to “a Peer perform”. UBS began covering ADP with “Neutral” recommendation on November 07, 2023. RBC Capital Mkts started covering the stock on September 05, 2023. It rated ADP as “a Sector perform”.

Price Performance Review of ADP

On Monday, Automatic Data Processing Inc. [NASDAQ:ADP] saw its stock jump 0.38% to $247.80. Over the last five days, the stock has gained 2.08%. Automatic Data Processing Inc. shares have risen nearly 6.37% since the year began. Nevertheless, the stocks have risen 18.11% over the past one year. While a 52-week high of $256.84 was reached on 02/26/24, a 52-week low of $205.53 was recorded on 01/03/24. SMA at 50 days reached $244.90, while 200 days put it at $241.78. A total of 0.93 million shares were traded, compared to the trading of 0.76 million shares in the previous session.

Levels Of Support And Resistance For ADP Stock

The 24-hour chart illustrates a support level at 246.44, which if violated will result in even more drops to 245.08. On the upside, there is a resistance level at 249.49. A further resistance level may holdings at 251.18. The Relative Strength Index (RSI) on the 14-day chart is 55.89, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.05, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 41.09%. Stochastics %K at 50.58% indicates the stock is a holding.

The most recent change occurred on June 02, 2023 when UBS began covering the stock and recommended ‘”a Neutral”‘ rating along with a $230 price target.

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