Envestnet Portfolio Solutions Inc. Buys 7,921 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Envestnet Portfolio Solutions Inc. lifted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 49.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,009 shares of the business services provider’s stock after buying an additional 7,921 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Automatic Data Processing were worth $5,996,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Keener Financial Planning LLC boosted its position in shares of Automatic Data Processing by 230.3% during the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Automatic Data Processing during the fourth quarter valued at approximately $35,000. Pineridge Advisors LLC bought a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $39,000. Evolution Advisers Inc. bought a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $41,000. Finally, Raleigh Capital Management Inc. lifted its position in shares of Automatic Data Processing by 106.0% during the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after buying an additional 89 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on ADP. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. Evercore ISI boosted their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. TD Cowen lowered their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Barclays upped their price target on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Trading Up 1.0 %

Shares of NASDAQ:ADP traded up $2.39 during trading on Friday, hitting $238.02. 1,312,684 shares of the company’s stock were exchanged, compared to its average volume of 1,684,850. The firm has a 50-day moving average price of $244.09 and a two-hundred day moving average price of $243.87. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $256.84. The firm has a market cap of $97.42 billion, a P/E ratio of 26.68, a PEG ratio of 2.36 and a beta of 0.78. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.09. The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.52 EPS. Equities analysts predict that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current year.

About Automatic Data Processing

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.