Northern Trust Corp Sells 14,798 Shares of Dayforce, Inc. $DAY

Key Points

• Northern Trust Corp has decreased its holdings in Dayforce, Inc. by selling 14,798 shares, now owning approximately 1,529,677 shares worth $89.23 million.
• Dayforce recently reported earnings per share (EPS) of $0.61 for the last quarter, surpassing expectations and reflecting a year-over-year revenue increase of 9.8%.
• Analysts have mixed opinions on Dayforce, with Deutsche Bank raising its price target to $70 while Needham & Company downgraded its rating to "hold".

Northern Trust Corp lowered its position in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 1.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,529,677 shares of the company's stock after selling 14,798 shares during the quarter. Northern Trust Corp owned approximately 0.97% of Dayforce worth $89,226,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in DAY. Invesco Ltd. increased its position in shares of Dayforce by 36.0% during the 1st quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock worth $209,033,000 after purchasing an additional 948,436 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Dayforce during the 1st quarter worth about $28,416,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Dayforce by 23.1% in the 4th 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 acquiring an additional 226,353 shares in the last quarter. Woodline Partners LP increased its position in Dayforce by 53.1% in the 4th quarter. Woodline Partners LP now owns 634,345 shares of the company's stock valued at $46,079,000 after acquiring an additional 220,112 shares in the last quarter. Finally, Twinbeech Capital LP acquired a new stake in Dayforce in the 4th quarter valued at about $13,272,000.

Insider Buying and Selling

In related news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total transaction of $110,020.00. Following the transaction, the chief operating officer owned 190,811 shares of the company's stock, valued at $10,496,513.11. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Samer Alkharrat sold 4,659 shares of Dayforce stock in a transaction that occurred on Friday, July 25th. The stock was 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 in the company, valued at $7,618,354.08. The trade was a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,382 shares of company stock valued at $539,860 in the last 90 days. 4.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on DAY shares. Jefferies Financial Group raised their price objective on shares of Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a research report on Thursday, August 21st. BMO Capital Markets restated a "market perform" rating and issued a $70.00 price objective (up previously from $67.00) on shares of Dayforce in a research report on Friday, August 22nd. Mizuho set a $70.00 price objective on shares of Dayforce in a research report on Friday, August 22nd. Citigroup raised 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. Finally, Piper Sandler upgraded shares of Dayforce to a "strong-buy" rating in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Dayforce presently has a consensus rating of "Hold" and an average price target of $71.43.

Dayforce Trading Up 0.3%

Shares of NYSE DAY traded up $0.24 during mid-day trading on Thursday, hitting $69.79. The company's stock had a trading volume of 2,971,592 shares, compared to its average volume of 2,097,316. The stock has a market cap of $11.15 billion, a price-to-earnings ratio of 232.65, a price-to-earnings-growth ratio of 2.59 and a beta of 1.11. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. Dayforce, Inc. has a one year low of $48.01 and a one year high of $82.69. The company's fifty day simple moving average is $58.02 and its 200-day simple moving average is $58.23.

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