FORA Capital LLC Purchases New Stake in Dayforce, Inc. $DAY

Key Points

• FORA Capital LLC acquired 9,510 shares of Dayforce, Inc. for approximately $555,000 during the first quarter, as reported in their recent 13F filing.
• Several hedge funds, including Price T Rowe Associates and Invesco Ltd., significantly increased their positions in Dayforce during the first quarter, reflecting growing investor interest.
• Analysts have mixed views on Dayforce stock, with a consensus rating of "Hold" and a target price of $71.43, indicating uncertainty in its future performance.

FORA Capital LLC bought a new stake in Dayforce, Inc. (NYSE:DAY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,510 shares of the company's stock, valued at approximately $555,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DAY. Price T Rowe Associates Inc. MD raised its position in Dayforce by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company's stock valued at $969,470,000 after purchasing an additional 1,387,943 shares during the period. Invesco Ltd. raised its position in Dayforce by 36.0% in the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock valued at $209,033,000 after purchasing an additional 948,436 shares during the period. Nuveen LLC purchased a new stake in Dayforce in the first quarter valued at approximately $28,416,000. Northern Trust Corp raised its position in Dayforce by 21.5% in the fourth quarter. Northern Trust Corp now owns 1,544,475 shares of the company's stock valued at $112,191,000 after purchasing an additional 273,031 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Dayforce by 23.1% in 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 valued at $87,680,000 after purchasing an additional 226,353 shares during the period.

Dayforce Stock Performance

Shares of DAY traded down $0.09 during mid-day trading on Tuesday, reaching $69.68. 838,553 shares of the company's stock were exchanged, compared to its average volume of 2,086,859. 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 stock has a market capitalization of $11.13 billion, a PE ratio of 232.36, a price-to-earnings-growth ratio of 2.60 and a beta of 1.14. The business's fifty day simple moving average is $58.81 and its 200-day simple moving average is $58.21. Dayforce, Inc. has a 52-week low of $48.01 and a 52-week high of $82.69.

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

Insider Transactions at Dayforce

In other news, COO Stephen H. Holdridge sold 2,000 shares of the company'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 $110,020.00. Following the completion of the sale, the chief operating officer owned 190,811 shares in the company, valued at $10,496,513.11. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Samer Alkharrat sold 4,659 shares of Dayforce stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $59.69, for a total value of $278,095.71. Following the completion of the sale, the executive vice president owned 127,632 shares in the company, valued at approximately $7,618,354.08. This trade represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,382 shares of company stock worth $539,860 over the last 90 days. 4.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

DAY has been the topic of a number of recent analyst reports. Needham & Company LLC downgraded shares of Dayforce from a "buy" rating to a "hold" rating and set a $95.00 price objective on the stock. in a research report on Friday, August 22nd. Citigroup increased their price objective on shares of Dayforce from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. KeyCorp downgraded shares of Dayforce from an "overweight" rating to a "sector weight" rating in a research report on Friday, August 22nd. TD Cowen downgraded shares of Dayforce from a "buy" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Wells Fargo & Company upgraded shares of Dayforce from a "strong sell" rating to an "equal weight" rating and boosted their price objective for the stock from $50.00 to $70.00 in a research report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, Dayforce currently has an average rating of "Hold" and a consensus target price of $71.43.

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.