Dayforce, Inc. $DAY Stock Position Trimmed by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. reduced its stake in Dayforce, Inc. by 46.5% during Q2, now holding 49,160 shares valued at approximately $2.72 million.
• Dayforce reported earnings of $0.61 per share for the last quarter, exceeding analysts' estimates of $0.52, with revenues increasing 9.8% year-over-year.
• Several analysts have recently upgraded their price targets for Dayforce, with the consensus rating as a "Hold" and an average target price of $70.36.

Assenagon Asset Management S.A. trimmed its stake in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 46.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,160 shares of the company's stock after selling 42,779 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Dayforce were worth $2,723,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Dayforce by 53.0% during the 1st quarter. Principal Financial Group Inc. now owns 273,055 shares of the company's stock worth $15,927,000 after buying an additional 94,635 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Dayforce during the 1st quarter worth about $1,282,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Dayforce by 13.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,585 shares of the company's stock worth $1,259,000 after buying an additional 2,557 shares in the last quarter. Amalgamated Bank raised its position in shares of Dayforce by 2.2% during the 1st quarter. Amalgamated Bank now owns 30,966 shares of the company's stock worth $1,806,000 after buying an additional 661 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of Dayforce by 38.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,669 shares of the company's stock worth $214,000 after buying an additional 1,022 shares in the last quarter.

Dayforce Stock Up 0.0%

DAY stock opened at $68.85 on Friday. Dayforce, Inc. has a 52-week low of $48.01 and a 52-week high of $82.69. The company's 50 day simple moving average is $63.37 and its 200-day simple moving average is $59.17. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $10.99 billion, a P/E ratio of 229.49, a P/E/G ratio of 2.54 and a beta of 1.14.

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Jefferies Financial Group boosted their price target on shares of Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Barclays boosted their target price on shares of Dayforce from $61.00 to $70.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Citigroup downgraded shares of Dayforce from a "buy" rating to a "neutral" rating and set a $70.00 target price on the stock. in a report on Wednesday, September 17th. UBS Group boosted their target price on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. Finally, Mizuho set a $70.00 target price on shares of Dayforce in a report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $70.36.

Insider Activity at Dayforce

In related news, EVP Samer Alkharrat sold 4,659 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $59.69, for a total transaction of $278,095.71. Following 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 document filed with the SEC, which is accessible through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $68.95, for a total transaction of $137,900.00. Following the transaction, the chief operating officer directly owned 186,811 shares in the company, valued at $12,880,618.45. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,718 shares of company stock valued at $639,281. Corporate insiders own 4.50% of the company's stock.

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.

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