Dayforce, Inc. $DAY Shares Purchased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Dayforce, Inc. by 4.4%, acquiring an additional 60,963 shares and holding approximately 0.92% of the company worth $85.2 million.
• In the first quarter, several hedge funds also increased their positions in Dayforce, with Principal Financial Group Inc. leading with a 53.0% increase in their holdings.
• Dayforce reported $0.61 earnings per share, exceeding estimates, with a revenue of $464.7 million, a 9.8% year-over-year increase compared to the previous quarter.

Charles Schwab Investment Management Inc. grew its stake in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,460,591 shares of the company's stock after buying an additional 60,963 shares during the period. Charles Schwab Investment Management Inc. owned 0.92% of Dayforce worth $85,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of DAY. ASR Vermogensbeheer N.V. bought a new position in shares of Dayforce during the first quarter valued at approximately $731,000. PNC Financial Services Group Inc. lifted its position in Dayforce by 3.9% during the first quarter. PNC Financial Services Group Inc. now owns 11,725 shares of the company's stock valued at $684,000 after purchasing an additional 443 shares during the period. XTX Topco Ltd acquired a new position in shares of Dayforce in the first quarter worth about $486,000. Mackenzie Financial Corp raised its holdings in Dayforce by 26.4% in the 1st quarter. Mackenzie Financial Corp now owns 43,011 shares of the company's stock worth $2,509,000 after purchasing an additional 8,973 shares during the period. Finally, LPL Financial LLC raised its stake in shares of Dayforce by 83.5% during the 1st quarter. LPL Financial LLC now owns 60,716 shares of the company's stock worth $3,542,000 after buying an additional 27,637 shares during the period.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BMO Capital Markets restated an "outperform" rating on shares of Dayforce in a research report on Tuesday, June 10th. Wells Fargo & Company downgraded shares of Dayforce from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $60.00 to $50.00 in a research report on Friday, June 13th. Needham & Company LLC reissued a "buy" rating and set a $95.00 target price on shares of Dayforce in a report on Monday, June 30th. UBS Group increased their price objective on Dayforce from $68.00 to $72.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Finally, Citigroup lifted their target price 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.93.

Dayforce Trading Up 26.4%

Dayforce stock traded up $13.96 during trading on Monday, hitting $66.84. The company had a trading volume of 5,681,888 shares, compared to its average volume of 1,932,212. Dayforce, Inc. has a 1-year low of $48.01 and a 1-year high of $82.69. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. The company's 50 day simple moving average is $56.45 and its 200-day simple moving average is $58.09. The stock has a market cap of $10.67 billion, a price-to-earnings ratio of 222.42, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11.

Dayforce (NYSE:DAY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. The business 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 company's revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 earnings per share. As a group, analysts expect that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP William Everett Mcdonald sold 2,059 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the completion of the transaction, the executive vice president directly owned 103,684 shares of the company's stock, valued at approximately $5,703,656.84. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the company's 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 $110,020.00. Following the completion of the transaction, the chief operating officer directly 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. Insiders sold a total of 9,382 shares of company stock worth $539,860 over the last 90 days. Corporate insiders own 4.50% of the company's stock.

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.