Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Dayforce, Inc. (NYSE:DAY)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Dayforce, Inc. by 13.2%, owning a total of 282,538 shares valued at approximately $16.48 million as of the end of the most recent quarter.
• Analysts have mixed views on Dayforce, with target price adjustments from several firms, including Piper Sandler lowering it to $70.00 while Citigroup raised it to $70.00, indicating a current consensus average target of $70.93.
• Dayforce reported earnings of $0.61 per share for the last quarter, exceeding expectations, with a revenue increase of 9.8% year-over-year.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 282,538 shares of the company's stock after purchasing an additional 32,997 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Dayforce worth $16,480,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mather Group LLC. raised its position in shares of Dayforce by 196.9% during the 1st quarter. Mather Group LLC. now owns 962 shares of the company's stock valued at $56,000 after buying an additional 638 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Dayforce during the 4th quarter valued at approximately $72,000. Mufg Securities Americas Inc. purchased a new stake in shares of Dayforce during the 4th quarter valued at approximately $169,000. CX Institutional purchased a new stake in shares of Dayforce during the 1st quarter valued at approximately $190,000. 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 valued at $214,000 after buying an additional 1,022 shares during the period.

Analysts Set New Price Targets

A number of analysts have issued reports on DAY shares. Piper Sandler cut their target price on Dayforce from $83.00 to $70.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Citigroup boosted their target price on Dayforce from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wells Fargo & Company lowered Dayforce from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $60.00 to $50.00 in a research report on Friday, June 13th. Needham & Company LLC reissued a "buy" rating and issued a $95.00 target price on shares of Dayforce in a research report on Monday, June 30th. Finally, UBS Group boosted their target price on Dayforce from $68.00 to $72.00 and gave the company a "buy" rating in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $70.93.

Insider Buying and Selling

In related news, EVP Samer Alkharrat sold 4,659 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $59.69, for a total transaction 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 $7,618,354.08. This represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $110,020.00. Following the transaction, the chief operating officer directly owned 190,811 shares of the company's stock, valued at $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 sold 9,382 shares of company stock valued at $539,860 over the last ninety days. Corporate insiders own 4.50% of the company's stock.

Dayforce Stock Performance

Shares of DAY traded down $0.49 during mid-day trading on Friday, hitting $52.92. 2,161,225 shares of the company's stock were exchanged, compared to its average volume of 1,824,400. 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 $8.45 billion, a P/E ratio of 176.41, a P/E/G ratio of 2.00 and a beta of 1.11. The business's 50 day moving average is $56.45 and its two-hundred day moving average is $58.27. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23.

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

Dayforce 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.