Dayforce, Inc. $DAY Position Lifted by Allstate Corp

Key Points

• Allstate Corp significantly increased its stake in Dayforce, Inc. by 134.4%, acquiring an additional 6,464 shares and bringing its total holdings to 11,274 shares worth $658,000.
• Wall Street analysts have given mixed ratings for Dayforce, with a consensus rating of "Hold" and a price target averaging $72.14, following downgrades from multiple firms.
• Dayforce's quarterly earnings surpassed expectations, reporting $0.61 earnings per share on revenue of $464.7 million, reflecting a 9.8% year-over-year increase.

Allstate Corp raised its stake in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 134.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,274 shares of the company's stock after purchasing an additional 6,464 shares during the period. Allstate Corp's holdings in Dayforce were worth $658,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of DAY. Price T Rowe Associates Inc. MD increased its position in Dayforce by 9.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company's stock worth $969,470,000 after purchasing an additional 1,387,943 shares during the last quarter. Invesco Ltd. increased its position in Dayforce by 36.0% during the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock worth $209,033,000 after purchasing an additional 948,436 shares during the last quarter. Nuveen LLC acquired a new position in Dayforce during the first quarter worth approximately $28,416,000. Northern Trust Corp increased its position in Dayforce by 21.5% during the fourth quarter. Northern Trust Corp now owns 1,544,475 shares of the company's stock worth $112,191,000 after purchasing an additional 273,031 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Dayforce by 23.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,207,045 shares of the company's stock worth $87,680,000 after purchasing an additional 226,353 shares during the last quarter.

Analyst Ratings Changes

DAY has been the subject of several research analyst reports. William Blair lowered shares of Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. Piper Sandler upgraded shares of Dayforce to a "strong-buy" rating in a research note on Tuesday, August 19th. BMO Capital Markets reiterated a "market perform" rating and set a $70.00 price objective (up from $67.00) on shares of Dayforce in a research note on Friday, August 22nd. Citigroup boosted their price objective on shares of Dayforce from $68.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, UBS Group boosted their price objective on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Dayforce presently has a consensus rating of "Hold" and a consensus target price of $71.43.

Dayforce Trading Up 0.2%

DAY traded up $0.11 during trading on Friday, hitting $69.81. 1,637,523 shares of the company's stock were exchanged, compared to its average volume of 3,703,770. The firm has a market cap of $11.15 billion, a P/E ratio of 232.72, a price-to-earnings-growth ratio of 2.60 and a beta of 1.14. The stock has a 50 day moving average price of $58.56 and a 200 day moving average price of $58.18. 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 announced its earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.09. The business had revenue of $464.70 million during the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The business's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 earnings per share. As a group, analysts expect that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insider Activity

In other news, EVP William Everett Mcdonald sold 2,059 shares of the company's stock in a transaction 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 approximately $5,703,656.84. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the company'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 $110,020.00. Following the completion of the transaction, the chief operating officer owned 190,811 shares of the company's stock, valued at $10,496,513.11. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,382 shares of company stock worth $539,860. 4.50% of the stock is currently owned by company insiders.

Dayforce 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.