What’s in Automatic Data Processing (ADP) After Forming Bullish Double Top Chart Pattern?

November 15, 2017 - By Richard Conner

Investors sentiment decreased to 0.77 in Q2 2017. Its down 0.06, from 0.83 in 2017Q1. It dived, as 62 investors sold Automatic Data Processing shares while 426 reduced holdings. 74 funds opened positions while 304 raised stakes. 355.68 million shares or 2.28% more from 347.76 million shares in 2017Q1 were reported.
Andra Ap holds 0.72% of its portfolio in Automatic Data Processing (NASDAQ:ADP) for 284,800 shares. Essex Ser has 0.42% invested in Automatic Data Processing (NASDAQ:ADP) for 19,438 shares. Renaissance Invest holds 2.67% or 59,505 shares in its portfolio. Moreover, Hite Hedge Asset Mngmt Ltd Liability Corp has 0.12% invested in Automatic Data Processing (NASDAQ:ADP) for 3,400 shares. Moreover, Shayne Commerce has 1.6% invested in Automatic Data Processing (NASDAQ:ADP). Stephens Ar owns 67,788 shares or 0.24% of their US portfolio. Guggenheim Cap Limited Liability Co owns 666,171 shares or 0.18% of their US portfolio. Highstreet Asset Management Inc has invested 0% in Automatic Data Processing (NASDAQ:ADP). Gofen & Glossberg Ltd Liability Corp Il has 0.09% invested in Automatic Data Processing (NASDAQ:ADP) for 22,929 shares. Investment House Llc reported 63,641 shares or 0.88% of all its holdings. Moreover, Manufacturers Life Insurance Com The has 0.08% invested in Automatic Data Processing (NASDAQ:ADP) for 627,530 shares. Da Davidson holds 0.82% of its portfolio in Automatic Data Processing (NASDAQ:ADP) for 355,883 shares. Hudson Valley Inv Advisors Inc Adv holds 0.91% of its portfolio in Automatic Data Processing (NASDAQ:ADP) for 32,422 shares. Woodstock accumulated 83,687 shares or 1.68% of the stock. Salient Tru Communication Lta invested in 2,338 shares.

Since May 24, 2017, it had 0 buys, and 1 sale for $4.94 million activity.

The chart of Automatic Data Processing (ADP) shows a double top with $119.81 target or 7.00 % above today’s $111.97 share price. The 5 months chart pattern indicates low risk for the $49.71 billion company. It was reported on Nov, 15 by Finviz.com. If the $119.81 price target is reached, the company will be worth $3.48B more. Double tops are rare but powerful chart patterns.

About 11,305 shares traded. Automatic Data Processing (NASDAQ:ADP) has risen 15.83% since November 15, 2016 and is uptrending. It has underperformed by 0.87% the S&P500.

Investors wait Automatic Data Processing (NASDAQ:ADP) to report on February, 7. its quarterly earnings Wall Street analysts expect $0.89 earnings per share, up $0.02 or 2.30 % from last year’s $0.87 same quarter earnings. This translates into $394.74M profit for ADP giving the stock a 31.48 P/E. This is assuming the current $0.89 EPS is accurate. Automatic Data Processing’s Wall Street analysts see -2.20 % negative EPS growth, taking into account the $0.91 EPS reproted in the previous quarter,

Automatic Data Processing (NASDAQ:ADP) Ratings Coverage

Among 19 analysts covering Automatic Data (NASDAQ:ADP), 3 have Buy rating, 2 Sell and 14 Hold. Therefore 16% are positive. Automatic Data had 46 analyst reports since August 3, 2015 according to SRatingsIntel. The company was maintained on Wednesday, August 30 by Robert W. Baird. Bernstein upgraded the stock to “Outperform” rating in Monday, July 11 report. The firm has “Buy” rating given on Friday, December 16 by Goldman Sachs. BMO Capital Markets maintained the shares of ADP in report on Friday, November 3 with “Outperform” rating. The stock of Automatic Data Processing (NASDAQ:ADP) has “Hold” rating given on Wednesday, September 13 by RBC Capital Markets. William Blair upgraded the shares of ADP in report on Monday, August 31 to “Outperform” rating. The stock of Automatic Data Processing (NASDAQ:ADP) earned “Outperform” rating by Bernstein on Tuesday, October 31. BMO Capital Markets maintained it with “Hold” rating and $105.0 target in Tuesday, September 12 report. RBC Capital Markets maintained the shares of ADP in report on Monday, August 3 with “Sector Perform” rating. The rating was maintained by Stifel Nicolaus on Monday, January 30 with “Hold”.

More notable recent Automatic Data Processing (NASDAQ:ADP) news were published by: Seekingalpha.com which released: “ADP: Great Business, But Not The Best In Its Industry” on November 10, 2017, also Barrons.com with their article: “ADP: A Sore Winner?” published on November 08, 2017, Nasdaq.com published: “Automatic Data Processing to announce dividend increase” on November 06, 2017. More interesting news about Automatic Data Processing (NASDAQ:ADP) were released by: Seekingalpha.com and their article: “Ackman presses ADP fight at WSJ conference” published on October 17, 2017 as well as Seekingalpha.com‘s news article titled: “ISS recommends Ackman for ADP board” with publication date: October 25, 2017.

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