Gries Financial LLC Takes $295,000 Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Gries Financial LLC acquired a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 964 shares of the business services provider's stock, valued at approximately $295,000.

Several other hedge funds have also recently bought and sold shares of ADP. von Borstel & Associates Inc. bought a new stake in Automatic Data Processing during the first quarter worth about $30,000. Main Street Group LTD lifted 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 worth $33,000 after acquiring an additional 38 shares during the last quarter. Abound Wealth Management lifted 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 worth $36,000 after acquiring an additional 43 shares during the last quarter. Banque de Luxembourg S.A. bought a new position in shares of Automatic Data Processing in the fourth quarter worth about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Automatic Data Processing in the fourth quarter worth about $37,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Down 0.3%

Automatic Data Processing stock opened at $300.90 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The business's 50-day simple moving average is $312.56 and its two-hundred day simple moving average is $304.28. The company has a market cap of $122.14 billion, a PE ratio of 30.80, a PEG ratio of 2.76 and a beta of 0.76. Automatic Data Processing, Inc. has a fifty-two week low of $245.80 and a fifty-two week high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business had revenue of $5.55 billion during the quarter, compared to analysts' expectations of $5.49 billion. During the same quarter in the prior year, the firm earned $2.88 earnings per share. The business's revenue was up 5.7% compared to the same quarter last year. Equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Wall Street Analyst Weigh In

ADP has been the topic of several recent analyst reports. Stifel Nicolaus raised their price objective on Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Morgan Stanley raised their price objective on 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. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 price objective on the stock in a research note on Thursday, July 10th. Mizuho lifted their target price on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. Finally, UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research note on Friday, June 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Automatic Data Processing currently has a consensus rating of "Hold" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.