Automatic Data Processing, Inc. (NASDAQ:ADP) Position Raised by Wealthfront Advisers LLC

Wealthfront Advisers LLC increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,837 shares of the business services provider’s stock after purchasing an additional 2,145 shares during the period. Wealthfront Advisers LLC’s holdings in Automatic Data Processing were worth $14,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new position in shares of Automatic Data Processing in the first quarter valued at $30,000. Main Street Group LTD increased its holdings in shares of Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock valued at $33,000 after buying an additional 38 shares in the last quarter. Abound Wealth Management increased its holdings in shares of Automatic Data Processing by 58.1% in the first quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock valued at $36,000 after buying an additional 43 shares in the last quarter. Cyrus J. Lawrence LLC increased its holdings in shares of Automatic Data Processing by 121.8% in the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock valued at $35,000 after buying an additional 67 shares in the last quarter. Finally, Banque de Luxembourg S.A. bought a new position in shares of Automatic Data Processing in the fourth quarter valued at $37,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Down 1.7%

Automatic Data Processing stock opened at $298.18 on Wednesday. The company’s fifty day simple moving average is $312.88 and its 200-day simple moving average is $304.00. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a 12 month low of $242.76 and a 12 month high of $329.93. The stock has a market cap of $121.04 billion, a P/E ratio of 30.52, a P/E/G ratio of 2.78 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.55 billion for the quarter, compared to analysts’ expectations of $5.49 billion. During the same period in the previous year, the company posted $2.88 EPS. Automatic Data Processing’s revenue was up 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ADP shares. TD Securities upped their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a report on Wednesday, May 21st. Stifel Nicolaus upped their price target on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Morgan Stanley boosted their target price on shares of Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 17th. Finally, Mizuho boosted their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research note on Friday, June 13th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $309.62.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.