Patton Fund Management Inc. Buys New Holdings in Dayforce, Inc. $DAY

Key Points

• Patton Fund Management Inc. has acquired 3,810 shares of Dayforce, Inc. valued at approximately $211,000 in its new position during the second quarter.
• Dayforce reported a quarterly earnings per share (EPS) of $0.61, outperforming estimates of $0.52 and marking a 9.8% revenue increase year-over-year.
• Equity analysts have a consensus rating of "Hold" for Dayforce, with a target price around $70.36, indicating mixed outlooks among multiple firms.

Patton Fund Management Inc. purchased a new position in Dayforce, Inc. (NYSE:DAY - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,810 shares of the company's stock, valued at approximately $211,000.

A number of other institutional investors have also added to or reduced their stakes in DAY. Two Sigma Investments LP purchased a new position in shares of Dayforce in the fourth quarter worth $1,511,000. Two Sigma Advisers LP bought a new stake in Dayforce in the 4th quarter valued at $661,000. GAMMA Investing LLC lifted its stake in Dayforce by 6,038.0% in the 1st quarter. GAMMA Investing LLC now owns 179,598 shares of the company's stock worth $10,476,000 after purchasing an additional 176,672 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Dayforce by 16.4% during the 1st quarter. Rhumbline Advisers now owns 311,955 shares of the company's stock valued at $18,196,000 after purchasing an additional 43,944 shares during the last quarter. Finally, Czech National Bank boosted its holdings in shares of Dayforce by 6.8% during the 1st quarter. Czech National Bank now owns 36,519 shares of the company's stock valued at $2,130,000 after purchasing an additional 2,326 shares during the last quarter.

Dayforce Stock Performance

Shares of NYSE:DAY opened at $68.89 on Wednesday. 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, Inc. has a 12 month low of $48.01 and a 12 month high of $82.69. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 229.64, a PEG ratio of 2.54 and a beta of 1.14. The firm's 50-day moving average is $64.02 and its 200 day moving average is $59.53.

Dayforce (NYSE:DAY - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $464.70 million during the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The firm's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share. Research analysts predict that Dayforce, Inc. will post 1.48 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised Dayforce from a "strong sell" rating to an "equal weight" rating and lifted their target price for the stock from $50.00 to $70.00 in a report on Friday, August 22nd. Stifel Nicolaus reaffirmed a "hold" rating and issued a $70.00 price objective (down previously from $72.00) on shares of Dayforce in a research note on Friday, September 19th. Citigroup cut Dayforce from a "buy" rating to a "neutral" rating and set a $70.00 price objective on the stock. in a report on Wednesday, September 17th. BMO Capital Markets reissued a "market perform" rating and issued a $70.00 target price (up from $67.00) on shares of Dayforce in a report on Friday, August 22nd. Finally, William Blair downgraded shares of Dayforce from an "outperform" rating to a "hold" rating in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $70.36.

Insider Activity at Dayforce

In other news, EVP Samer Alkharrat sold 4,659 shares of the business's stock in a transaction on 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 sale, the executive vice president directly owned 127,632 shares of the company's stock, valued at approximately $7,618,354.08. The trade was a 3.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $68.95, for a total transaction of $137,900.00. Following the completion of the transaction, the chief operating officer owned 186,811 shares in the company, valued at approximately $12,880,618.45. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,950 shares of company stock worth $861,578 in the last quarter. 4.50% of the stock is owned by company insiders.

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.

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