Cantor Fitzgerald Forecasts Strong Price Appreciation for Automatic Data Processing (NASDAQ:ADP) Stock

Automatic Data Processing (NASDAQ:ADP) had its price objective raised by research analysts at Cantor Fitzgerald from $310.00 to $336.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the business services provider’s stock. Cantor Fitzgerald‘s price target indicates a potential upside of 14.35% from the stock’s current price.

ADP has been the subject of a number of other reports. Wells Fargo & Company upped their price target on Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $225.00 to $250.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 28th. Guggenheim reaffirmed a “buy” rating and set a $340.00 target price on shares of Automatic Data Processing in a research report on Thursday. Weiss Ratings upgraded shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Finally, UBS Group upped their target price on shares of Automatic Data Processing from $260.00 to $270.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $285.00.

Automatic Data Processing Stock Performance

Automatic Data Processing stock opened at $293.84 on Friday. Automatic Data Processing has a 52 week low of $188.16 and a 52 week high of $309.40. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.05 and a current ratio of 1.03. The firm has a market capitalization of $116.43 billion, a PE ratio of 26.05, a PEG ratio of 2.64 and a beta of 0.83. The business’s 50-day simple moving average is $277.25 and its 200-day simple moving average is $240.83.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.05. The firm had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.49 EPS. Equities research analysts forecast that Automatic Data Processing will post 12.36 earnings per share for the current year.

Insider Buying and Selling at Automatic Data Processing

In related news, VP David Kwon sold 798 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $280.00, for a total value of $223,440.00. Following the completion of the transaction, the vice president owned 13,193 shares of the company’s stock, valued at $3,694,040. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian Michaud sold 120 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $279.70, for a total transaction of $33,564.00. Following the transaction, the vice president owned 18,442 shares of the company’s stock, valued at approximately $5,158,227.40. This represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 31,359 shares of company stock worth $8,809,422. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Automatic Data Processing

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Polaris Financial Partners bought a new stake in Automatic Data Processing in the third quarter valued at $25,000. Next Level Wealth Planning LLC bought a new position in shares of Automatic Data Processing during the third quarter valued at $26,000. Whipplewood Advisors LLC lifted its holdings in shares of Automatic Data Processing by 2,740.0% during the first quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 137 shares during the period. Pathway Financial Advisers LLC acquired a new stake in shares of Automatic Data Processing in the 3rd quarter valued at $39,000. Finally, Kelly Lawrence W & Associates Inc. CA acquired a new stake in shares of Automatic Data Processing in the 2nd quarter valued at $34,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.

ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.

Founded in 1949, ADP serves businesses in the United States and international markets.