Strs Ohio Makes New Investment in Dayforce, Inc. $DAY

Key Points

• Strs Ohio acquired 19,835 shares of Dayforce, Inc. for approximately $1.16 million, indicating growing institutional interest in the company.
• Wall Street analysts have raised the price target for Dayforce shares to $70.00, with a consensus rating of "Hold" on the stock.
• In the last three months, company insiders sold a total of 11,382 shares, valued at about $677,760, reflecting changes in executive holdings in the company.

Strs Ohio purchased a new stake in Dayforce, Inc. (NYSE:DAY - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 19,835 shares of the company's stock, valued at approximately $1,157,000.

A number of other hedge funds and other institutional investors have also modified their holdings of DAY. SVB Wealth LLC bought a new stake in Dayforce during the 1st quarter worth about $30,000. National Pension Service increased its stake in shares of Dayforce by 74.5% in the 1st quarter. National Pension Service now owns 541 shares of the company's stock valued at $32,000 after acquiring an additional 231 shares during the last quarter. Mather Group LLC. raised its holdings in Dayforce by 196.9% in the first quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after purchasing an additional 638 shares during the period. Covestor Ltd increased its position in shares of Dayforce by 15.6% in the 1st quarter. Covestor Ltd now owns 1,430 shares of the company's stock valued at $83,000 after buying an additional 193 shares in the last quarter. Finally, Groupe la Francaise acquired a new stake in Dayforce during the 1st quarter worth $143,000.

Dayforce Trading Down 0.2%

NYSE DAY traded down $0.14 during trading hours on Friday, hitting $68.81. 2,993,779 shares of the company's stock were exchanged, compared to its average volume of 1,982,005. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 229.37, a PEG ratio of 2.54 and a beta of 1.14. The stock has a 50-day simple moving average of $62.31 and a 200 day simple moving average of $58.82. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. Dayforce, Inc. has a 1-year low of $48.01 and a 1-year high of $82.69.

Dayforce (NYSE:DAY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.09. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The firm had revenue of $464.70 million for the quarter, compared to analysts' expectations of $457.83 million. During the same period in the prior year, the business earned $0.48 EPS. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. On average, equities analysts forecast that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Dayforce news, EVP William Everett Mcdonald sold 2,059 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total transaction of $113,265.59. Following the completion of the sale, the executive vice president owned 103,684 shares in the company, valued at approximately $5,703,656.84. The trade was a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $68.95, for a total transaction of $137,900.00. Following the transaction, the chief operating officer owned 186,811 shares in the company, valued at approximately $12,880,618.45. The trade was a 1.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,382 shares of company stock worth $677,760. Corporate insiders own 4.50% of the company's stock.

Wall Street Analysts Forecast Growth

DAY has been the subject of several research analyst reports. William Blair lowered Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. UBS Group raised their price objective on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. Citigroup lowered shares of Dayforce from a "buy" rating to a "neutral" rating and set a $70.00 target price for the company. in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a research note on Friday, August 22nd. Finally, Stifel Nicolaus reaffirmed a "hold" rating and set a $70.00 price objective (down from $72.00) on shares of Dayforce in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $70.36.

About Dayforce

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.