Millennium Management LLC Purchases 111,698 Shares of Dayforce, Inc. $DAY

Key Points

• Millennium Management LLC increased its stake in Dayforce, Inc. by 15.0%, acquiring an additional 111,698 shares and owning a total of 855,546 shares, valued at approximately $49.9 million.
• Dayforce reported quarterly earnings of $0.61 per share, surpassing analyst expectations, with a 9.8% year-over-year revenue increase to $464.7 million.
• Brokerages have adjusted their price targets for Dayforce, with Jefferies and Barclays raising their targets to $70.00 and maintaining a "hold" rating.

Millennium Management LLC raised its stake in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 15.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 855,546 shares of the company's stock after purchasing an additional 111,698 shares during the period. Millennium Management LLC owned 0.54% of Dayforce worth $49,904,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Stifel Financial Corp boosted its position in shares of Dayforce by 4.1% during the 4th quarter. Stifel Financial Corp now owns 5,206 shares of the company's stock valued at $378,000 after acquiring an additional 205 shares during the last quarter. Captrust Financial Advisors raised its stake in Dayforce by 478.4% during the fourth quarter. Captrust Financial Advisors now owns 29,878 shares of the company's stock valued at $2,170,000 after purchasing an additional 24,712 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Dayforce during the fourth quarter valued at $223,000. Gotham Asset Management LLC bought a new position in Dayforce during the fourth quarter valued at $217,000. Finally, Maytus Capital Management LLC purchased a new position in shares of Dayforce in the 4th quarter worth $2,688,000.

Analyst Ratings Changes

Several research analysts recently commented on DAY shares. William Blair lowered Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft raised their price objective on Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a research note on Friday, August 22nd. Needham & Company LLC downgraded Dayforce from a "buy" rating to a "hold" rating and set a $95.00 target price on the stock. in a research report on Friday, August 22nd. BMO Capital Markets restated a "market perform" rating and set a $70.00 price target (up previously from $67.00) on shares of Dayforce in a report on Friday, August 22nd. Finally, Mizuho set a $70.00 price target on Dayforce in a research report on Friday, August 22nd. One research 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $71.43.

Insider Activity at Dayforce

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of the business's stock in a transaction dated 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 directly owned 127,632 shares of the company's stock, valued at $7,618,354.08. The trade was a 3.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Everett Mcdonald sold 2,059 shares of the company's 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 transaction, the executive vice president owned 103,684 shares in the company, valued at $5,703,656.84. This represents a 1.95% 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 in the last 90 days. 4.50% of the stock is owned by corporate insiders.

Dayforce Trading Down 0.0%

DAY traded down $0.01 during trading hours on Friday, reaching $69.02. 1,302,397 shares of the company's stock traded hands, compared to its average volume of 3,367,075. The firm has a 50-day moving average price of $61.16 and a 200 day moving average price of $58.52. The firm has a market capitalization of $11.02 billion, a PE ratio of 230.06, a PEG ratio of 2.54 and a beta of 1.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. 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 earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.09. The business 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%.The business's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the company earned $0.48 earnings per share. As a group, sell-side analysts predict that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

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.