Dayforce, Inc. $DAY Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Dayforce, Inc. by 16.0%, selling 37,179 shares and now holding 195,545 shares valued at approximately $11.4 million.
• Dayforce's quarterly earnings surpassed expectations, reporting earnings of $0.61 per share, beating the consensus estimate of $0.52, while revenues rose by 9.8% year-over-year.
• Analyst ratings for Dayforce vary, with BMO Capital Markets, Wells Fargo, and Deutsche Bank setting a price target of $70.00 amid various upgrades and downgrades, reflecting a consensus rating of "Hold."

Hsbc Holdings PLC trimmed its holdings in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 16.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 195,545 shares of the company's stock after selling 37,179 shares during the quarter. Hsbc Holdings PLC owned 0.12% of Dayforce worth $11,399,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DAY. Invesco Ltd. boosted its position in shares of Dayforce by 36.0% during the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock worth $209,033,000 after buying an additional 948,436 shares during the period. Nuveen LLC purchased a new position in shares of Dayforce during the first quarter worth $28,416,000. Northern Trust Corp boosted its position in shares of Dayforce by 21.5% during the fourth quarter. Northern Trust Corp now owns 1,544,475 shares of the company's stock worth $112,191,000 after buying an additional 273,031 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Dayforce by 23.1% during 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 worth $87,680,000 after buying an additional 226,353 shares during the period. Finally, Woodline Partners LP boosted its position in shares of Dayforce by 53.1% during the fourth quarter. Woodline Partners LP now owns 634,345 shares of the company's stock worth $46,079,000 after buying an additional 220,112 shares during the period.

Dayforce Stock Up 0.3%

Dayforce stock traded up $0.24 during midday trading on Thursday, reaching $69.79. The company's stock had a trading volume of 2,971,592 shares, compared to its average volume of 2,097,316. Dayforce, Inc. has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The company has a market cap of $11.15 billion, a P/E ratio of 232.65, a P/E/G ratio of 2.59 and a beta of 1.11. The business has a 50-day simple moving average of $58.02 and a 200-day simple moving average of $58.23.

Dayforce (NYSE:DAY - Get Free Report) last posted its quarterly earnings results 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. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The company had revenue of $464.70 million for the quarter, compared to analysts' expectations of $457.83 million. During the same period last year, the firm earned $0.48 earnings per share. Dayforce's quarterly revenue was up 9.8% on a year-over-year basis. On average, research analysts expect that Dayforce, Inc. will post 1.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Dayforce

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of the firm's stock in a transaction 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 sale, the executive vice president directly owned 127,632 shares in the company, valued at $7,618,354.08. This trade represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of the firm's stock in a transaction 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 sale, the chief operating officer owned 190,811 shares in the company, valued at approximately $10,496,513.11. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,382 shares of company stock worth $539,860 over the last ninety days. Corporate insiders own 4.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Mizuho set a $70.00 price target on Dayforce in a research report on Friday, August 22nd. 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. Wells Fargo & Company upgraded Dayforce from a "strong sell" rating to an "equal weight" rating and raised their price target for the stock from $50.00 to $70.00 in a research report on Friday, August 22nd. Jefferies Financial Group raised their price target on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Finally, 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $71.43.

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.