AlphaQuest LLC Boosts Stake in Dayforce, Inc. $DAY

Key Points

• AlphaQuest LLC boosted its stake in Dayforce, Inc. by 719.6% in the first quarter, acquiring an additional 7,505 shares, bringing its total holdings to 8,548 shares valued at approximately $499,000.
• Research analysts upgraded Dayforce's stock ratings, with Deutsche Bank raising the price target from $60.00 to $70.00, while Piper Sandler initiated a "strong-buy" rating.
• Dayforce reported a notable 9.8% year-over-year revenue increase in its latest earnings, with earnings per share (EPS) reaching $0.61, surpassing expectations.

AlphaQuest LLC boosted its holdings in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 719.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,548 shares of the company's stock after acquiring an additional 7,505 shares during the quarter. AlphaQuest LLC's holdings in Dayforce were worth $499,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. National Pension Service boosted its position in shares of Dayforce by 74.5% during the first quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after buying an additional 231 shares during the period. Mather Group LLC. boosted its position in shares of Dayforce by 196.9% during the first quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after buying an additional 638 shares during the period. Covestor Ltd boosted its position in shares of Dayforce by 15.6% during the first quarter. Covestor Ltd now owns 1,430 shares of the company's stock worth $83,000 after buying an additional 193 shares during the period. Mufg Securities Americas Inc. purchased a new position in shares of Dayforce during the fourth quarter worth $169,000. Finally, CX Institutional purchased a new position in shares of Dayforce during the first quarter worth $190,000.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Needham & Company LLC lowered Dayforce from a "buy" rating to a "hold" rating and set a $95.00 price target for the company. in a research report on Friday, August 22nd. Barclays raised their price target on Dayforce from $61.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Mizuho set a $70.00 price target on Dayforce in a research report on Friday, August 22nd. Citigroup raised their price target on Dayforce from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, TD Cowen lowered Dayforce from a "buy" rating to a "hold" rating in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, Dayforce has an average rating of "Hold" and a consensus price target of $71.43.

Dayforce Stock Up 0.2%

NYSE:DAY traded up $0.11 during midday trading on Friday, reaching $69.81. The company had a trading volume of 1,637,523 shares, compared to its average volume of 3,712,140. Dayforce, Inc. has a 12-month low of $48.01 and a 12-month 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 firm has a market capitalization of $11.15 billion, a price-to-earnings ratio of 232.72, a PEG ratio of 2.60 and a beta of 1.11. The stock's fifty day simple moving average is $58.56 and its 200-day simple moving average is $58.24.

Dayforce (NYSE:DAY - Get Free Report) last announced 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. The company had revenue of $464.70 million during the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.Dayforce's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. On average, sell-side analysts anticipate that Dayforce, Inc. will post 1.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Dayforce news, EVP William Everett Mcdonald sold 2,059 shares of Dayforce 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 sale, the executive vice president directly owned 103,684 shares of the company's stock, valued at $5,703,656.84. The trade was a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $110,020.00. Following the sale, 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 9,382 shares of company stock valued at $539,860 in the last ninety days. Insiders own 4.50% of the company's stock.

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.