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- 1 Since the last one month, ADP stock price has been showing bullish sentiments with a minor price rise.
- 2 The year-to-date (YTD) price analysis of ADP stock is showing an over 8% decline.
Automatic Data Processing Inc. (NASDAQ: ADP), an American provider of human resources management software and services, has a market cap of $90.76 Billion. The company released its third quarter (Q3) 2023 reports on April 26, 2023, reporting a net income of $1.04 Billion.
Moreover, the company’s earnings per share (EPS) reported in the Q3 2023 is $2.52 while the estimate was $2.46. On the other hand, the reported revenue was $4.93 Billion that outperformed the estimated revenue of $4.88 Billion. Now, for the upcoming Q4 2023, the estimated EPS is $1.83 while the revenue is expected to reach $4.39 Billion.
The revenue of Automatic Data Processing Inc. amounted to $16.50 Billion last year. Out of this, nearly $10.97 Billion of revenue came from its highest performing source at the moment, Employer Services. The greatest contribution to the revenue figure was made by the U.S. which brought $14.50 Billion last year.
ADP Stock Price Analysis
According to Tradingview, a web-based social network for traders, the price of ADP stock opened at $218.11, noted high at $220.20 with low at $217.22 on July 5, 2023, yesterday. ADP stock rose nearly $0.44% in yesterday’s trading session, while the weekly growth was over 2%.
As the above price analysis chart shows, ADP stock price shows bullish sentiments by accumulating bulls in the market. The potential bulls dominance took the stock price to trade quite above its 20 and 50-day moving average. On the other hand, the RSI of the stock is also trying to take an upside ride.
The analysts have set their 1-year price target at $231.28 that is up nearly 5% from the recent closing price of ADP stock. They have set their maximum estimate at $275.00 while minimum estimate is at $176.00.
It must be noted that when Automatic Data Processing Inc. reported its last earnings and revenue report, the stock price was trading below its 20-day moving average. However after reporting the quarterly reports, the stock price has not seen much trading volume activity, which still indicates similar trading volume activity but with bears dominance.
The active bulls have shown their dominance in the recent trading session; thus, near to the weekend, ADP stock can be expected to continue its bullishness. Furthermore, late this month, Automatic Data Processing Inc. will report its fourth quarter 2023 results. Ahead the reports, more price fluctuation with a tough battle between active bulls and bears can also be expected.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
