Automatic Data Processing (NASDAQ:ADP) had its target price upped by stock analysts at Morgan Stanley from $150.00 to $174.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price target points to a potential upside of 4.92% from the stock’s previous close.
A number of other research firms also recently issued reports on ADP. BidaskClub upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Barclays raised their price objective on shares of Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Zacks Investment Research upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price objective for the company in a report on Friday, June 21st. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $174.10.
Shares of ADP stock traded up $2.00 on Thursday, hitting $165.84. The stock had a trading volume of 193,830 shares, compared to its average volume of 2,128,594. The company’s 50 day moving average is $165.72. The company has a market cap of $71.98 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 2.07 and a beta of 0.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.04 and a current ratio of 1.05. Automatic Data Processing has a 12-month low of $121.40 and a 12-month high of $172.00.
Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.01. The company had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.50 billion. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.99 earnings per share. As a group, equities analysts forecast that Automatic Data Processing will post 6.16 earnings per share for the current year.
In other news, VP Dermot J. O’brien sold 1,771 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total value of $286,972.84. Following the completion of the transaction, the vice president now directly owns 14,896 shares in the company, valued at $2,413,747.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in ADP. Krane Funds Advisors LLC purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. purchased a new stake in Automatic Data Processing in the first quarter valued at approximately $31,000. C J Advisory Inc purchased a new stake in Automatic Data Processing in the first quarter valued at approximately $32,000. Cypress Capital Management LLC WY raised its stake in Automatic Data Processing by 257.1% in the first quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 144 shares in the last quarter. Finally, Permanens Capital L.P. purchased a new stake in Automatic Data Processing in the first quarter valued at approximately $32,000. Institutional investors own 80.23% of the company’s stock.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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