Penserra Capital Management LLC Increases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Penserra Capital Management LLC boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 74.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,142 shares of the business services provider's stock after purchasing an additional 2,201 shares during the quarter. Penserra Capital Management LLC's holdings in Automatic Data Processing were worth $1,570,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADP. von Borstel & Associates Inc. purchased a new stake in Automatic Data Processing during the 1st quarter valued at $30,000. Main Street Group LTD raised its holdings in Automatic Data Processing by 50.7% during the 4th 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 during the period. Cyrus J. Lawrence LLC raised its holdings in Automatic Data Processing by 121.8% during the 4th 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 during the period. Abound Wealth Management raised its holdings in Automatic Data Processing by 58.1% during the 1st 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 during the period. Finally, Banque de Luxembourg S.A. purchased a new stake in Automatic Data Processing during the 4th quarter valued at $37,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Down 1.0%

ADP stock traded down $3.17 during trading on Friday, reaching $302.65. 1,097,285 shares of the company traded hands, compared to its average volume of 1,711,261. Automatic Data Processing, Inc. has a 12 month low of $233.14 and a 12 month high of $329.93. The business has a 50 day simple moving average of $313.02 and a 200 day simple moving average of $303.85. The company has a market capitalization of $122.85 billion, a price-to-earnings ratio of 30.98, a price-to-earnings-growth ratio of 2.82 and a beta of 0.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

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

Analysts Set New Price Targets

Several analysts recently weighed in on ADP shares. TD Securities increased 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. Morgan Stanley increased their target price on Automatic Data Processing from $305.00 to $310.00 and gave the stock 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 target price on the stock in a research note on Thursday. Mizuho increased 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, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $309.62.

Automatic Data Processing 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.