Assenagon Asset Management Reduces Stake in Automatic Data Processing

Institutional investor cuts holdings in payroll and HR services provider by 96.9% in Q4

Mar. 29, 2026 at 7:20am

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Assenagon Asset Management S.A. significantly reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) during the fourth quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor sold 616,368 shares, cutting its holdings in the business services provider by 96.9%.

Why it matters

The reduction in Assenagon's ADP position suggests the institutional investor may have concerns about the company's outlook or valuation. As a major shareholder, Assenagon's portfolio moves can provide insights into broader market sentiment around ADP and the payroll/HR software industry.

The details

According to the SEC filing, Assenagon Asset Management S.A. owned just 19,575 shares of Automatic Data Processing as of the end of the fourth quarter. This represents a dramatic reduction from the 635,943 shares the firm held at the end of the prior quarter. The sale resulted in Assenagon's ADP position shrinking by 96.9%.

  • Assenagon reported owning 635,943 shares of ADP at the end of Q3 2025.
  • By the end of Q4 2025, Assenagon's ADP holdings had been reduced to just 19,575 shares.

The players

Assenagon Asset Management S.A.

An institutional investment firm that significantly reduced its stake in Automatic Data Processing during the fourth quarter.

Automatic Data Processing, Inc.

A leading provider of cloud-based human capital management and payroll solutions for employers of all sizes.

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The takeaway

Assenagon's dramatic reduction in its ADP holdings suggests the institutional investor may have concerns about the company's near-term prospects or valuation. This move could signal broader market uncertainty around the payroll and HR software provider, though ADP remains a major player in the space.