Dayforce (NYSE:DAY) Releases Earnings Results

Key Points

• Dayforce (NYSE:DAY) reported a quarterly EPS of $0.61, exceeding expectations by $0.09, with revenues of $464.70 million, showing a 9.8% year-over-year increase.
• Despite the positive earnings results, Dayforce's stock fell 3.1% to $51.17, marking a significant drop in share price.
• Analysts have mixed ratings on Dayforce; while some have upgraded their price targets, others have downgraded the stock's outlook, reflecting a consensus target price of $70.93.

Dayforce (NYSE:DAY - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.09, Briefing.com reports. The firm had revenue of $464.70 million during the quarter, compared to analysts' expectations of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%. The business's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS.

Dayforce Stock Performance

DAY traded up $1.60 on Tuesday, hitting $51.52. 951,501 shares of the company's stock were exchanged, compared to its average volume of 1,895,163. The stock has a fifty day moving average of $56.99 and a two-hundred day moving average of $58.63. Dayforce has a twelve month low of $48.01 and a twelve month high of $82.69. The firm has a market cap of $8.23 billion, a PE ratio of 171.97, a P/E/G ratio of 1.98 and a beta of 1.11. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling at Dayforce

In other news, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total value of $113,265.59. Following the completion of the transaction, the executive vice president directly owned 103,684 shares in the company, valued at $5,703,656.84. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Samer Alkharrat sold 4,659 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $59.69, for a total transaction of $278,095.71. Following the completion of the transaction, the executive vice president directly owned 127,632 shares of the company's stock, valued at $7,618,354.08. This represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,382 shares of company stock worth $539,860. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DAY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Dayforce by 3.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,089 shares of the company's stock valued at $938,000 after purchasing an additional 559 shares in the last quarter. Cetera Investment Advisers lifted its stake in Dayforce by 4.2% in the second quarter. Cetera Investment Advisers now owns 7,934 shares of the company's stock valued at $439,000 after acquiring an additional 320 shares during the last quarter. Finally, United Services Automobile Association acquired a new stake in shares of Dayforce during the 1st quarter worth about $251,000.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on DAY shares. Citigroup upped their price target on Dayforce from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Dayforce in a research report on Friday, May 23rd. Wells Fargo & Company lowered Dayforce from an "equal weight" rating to an "underweight" rating and dropped their target price for the company from $60.00 to $50.00 in a report on Friday, June 13th. Barclays increased their target price on Dayforce from $60.00 to $61.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Dayforce in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $70.93.

Dayforce Company Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.