Price T Rowe Associates Inc. MD Increases Stock Holdings in Dayforce, Inc. $DAY

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Dayforce, Inc. by 9.1%, acquiring over 1.3 million additional shares, bringing its total ownership to approximately $969 million.
• Dayforce reported a 9.8% year-over-year revenue growth for the last quarter, achieving earnings per share of $0.61, surpassing the expected $0.52.
• Analyst ratings for Dayforce show a mix of perceptions, with a consensus rating of "Moderate Buy" and a target price averaging $70.57, reflecting optimism among several research firms.

Price T Rowe Associates Inc. MD grew its stake in Dayforce, Inc. (NYSE:DAY - Free Report) by 9.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,620,415 shares of the company's stock after buying an additional 1,387,943 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 10.40% of Dayforce worth $969,470,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Xponance Inc. boosted its holdings in Dayforce by 0.8% in the 1st quarter. Xponance Inc. now owns 22,673 shares of the company's stock worth $1,323,000 after buying an additional 179 shares during the period. Covestor Ltd raised its holdings in Dayforce by 15.6% during 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 during the period. HighTower Advisors LLC raised its position in Dayforce by 3.5% in the 1st quarter. HighTower Advisors LLC now owns 5,931 shares of the company's stock worth $346,000 after purchasing an additional 203 shares during the period. Stifel Financial Corp lifted its stake in shares of Dayforce by 4.1% during the 4th quarter. Stifel Financial Corp now owns 5,206 shares of the company's stock worth $378,000 after acquiring an additional 205 shares during the last quarter. Finally, National Pension Service grew its position in 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.

Dayforce Stock Performance

DAY traded up $0.1750 on Friday, reaching $69.1750. 5,247,516 shares of the stock were exchanged, compared to its average volume of 3,564,479. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. Dayforce, Inc. has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. The firm has a market capitalization of $11.05 billion, a PE ratio of 230.59, a PEG ratio of 2.60 and a beta of 1.11. The company's 50-day moving average price is $57.28 and its 200 day moving average price is $58.04.

Dayforce (NYSE:DAY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.52 by $0.09. The business had revenue of $464.70 million for 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 revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 EPS. As a group, sell-side analysts forecast that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of the business'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 value 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 approximately $7,618,354.08. The trade was a 3.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP William Everett Mcdonald sold 2,059 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the sale, the executive vice president directly owned 103,684 shares in the company, valued at $5,703,656.84. The trade was a 1.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,382 shares of company stock valued at $539,860 over the last ninety days. Company insiders own 4.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on DAY shares. KeyCorp lowered shares of Dayforce from an "overweight" rating to a "hold" rating in a research report on Friday. Piper Sandler upgraded Dayforce to a "strong-buy" rating in a report on Tuesday, August 19th. Jefferies Financial Group increased their target price on shares of Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a report on Thursday. Wells Fargo & Company upgraded Dayforce from a "strong sell" rating to an "equal weight" rating and upped their target price for the stock from $50.00 to $70.00 in a report on Friday. Finally, TD Cowen downgraded Dayforce from a "buy" rating to a "hold" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $72.14.

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.