ADP executive Bonarti sells 7.7% of holdings under a trading plan (NASDAQ: ADP)

What happened

Automatic Data Processing Inc (NASDAQ: ADP) Corporate Vice President Michael A. Bonarti sold 6,812 shares on Nov. 5 for about $2.11 million. The shares came from stock options that Bonarti exercised the same day, so the sale left Bonarti's share count unchanged on net.

The shares sold at $310.00 each, and Bonarti held 81,849 shares directly afterward. The exercised options had an Aug. 31, 2031 expiration date, and the option line shows a balance of zero after the exercise.

The Form 4 says the transactions followed a Rule 10b5-1 trading plan that Bonarti adopted in September 2025. The filing reports two linked lines dated Nov. 5, an option exercise coded M and a sale coded S. Bonarti filed as an officer, not as a director or 10% owner.

Key numbers

Metric	Latest	Change	Source
Shares sold	6,812 shares		SEC Form 4
Sale price per share	$310.00		SEC Form 4
Total sale value	$2.11 million		SEC Form 4
Shares held after the sale	81,849 shares		SEC Form 4
Sold as share of holding before the sale	7.7%		Calculated from SEC Form 4
Option exercise price	$206.86		SEC Form 4

Read more: Automatic Data Processing (ADP) company research

Why it matters

The shares sold equal 7.7% of the 88,661 shares Bonarti held just before the sale, by OptimistFi's calculation. That base already included the shares created by the exercise, which the sale then offset in full.

The options' exercise price of $206.86 was $103.14 a share below the sale price. The grant had been exercisable since Sept. 1, 2022, so the options were available to exercise for more than four years.

OptimistFi has argued that ADP can turn its payroll and HCM data, compliance integrations and recurring outsourcing into steady revenue, cash flow and compounding EPS. The case rests on the company's results, not on one officer's transaction. A pre-planned sale by one Corporate Vice President leaves that view unchanged.

The filing ties the sale to a plan set in advance, which limits what the trade can say about Bonarti's view of the company in either direction.

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What's next

ADP's next quarterly report is the next test of the case. Steady revenue and strong cash flow would support OptimistFi's view of the AI-enabled products, while slower growth or weaker cash generation would weaken it, whatever insiders do with their shares.

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• ADP stock: research and coverage of Automatic Data Processing
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