PDT Partners LLC Grows Stake in Dayforce, Inc. $DAY

Key Points

• PDT Partners LLC significantly increased its holdings in Dayforce, Inc. by 275.8%, acquiring an additional 37,513 shares during the first quarter, bringing their total to 51,113 shares valued at approximately $2.98 million.
• Dayforce's stock opened at $69.81, with a market cap of $11.15 billion and a price-to-earnings ratio of 232.72, while its revenue grew 9.8% year-over-year in the last quarter.
• Several brokerages have upgraded or adjusted their target prices for Dayforce, with the stock receiving ratings ranging from "Strong Buy" to "Hold", and the consensus price target currently set at $71.43.

PDT Partners LLC increased its position in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 275.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,113 shares of the company's stock after buying an additional 37,513 shares during the period. PDT Partners LLC's holdings in Dayforce were worth $2,981,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in Dayforce in the first quarter valued at $30,000. National Pension Service increased its stake in Dayforce by 74.5% in the first quarter. National Pension Service now owns 541 shares of the company's stock valued at $32,000 after purchasing an additional 231 shares in the last quarter. Mather Group LLC. increased its stake in Dayforce by 196.9% in the first quarter. Mather Group LLC. now owns 962 shares of the company's stock valued at $56,000 after purchasing an additional 638 shares in the last quarter. Covestor Ltd increased its stake in Dayforce by 15.6% in the first quarter. Covestor Ltd now owns 1,430 shares of the company's stock valued at $83,000 after purchasing an additional 193 shares in the last quarter. Finally, Groupe la Francaise bought a new stake in Dayforce in the first quarter valued at $143,000.

Dayforce Stock Down 0.8%

Dayforce stock traded down $0.55 during midday trading on Friday, hitting $69.01. 2,868,018 shares of the stock were exchanged, compared to its average volume of 3,371,918. Dayforce, Inc. has a 52-week low of $48.01 and a 52-week high of $82.69. The stock has a market capitalization of $11.02 billion, a price-to-earnings ratio of 230.02, a price-to-earnings-growth ratio of 2.58 and a beta of 1.14. The business's 50-day moving average price is $59.90 and its 200-day moving average price is $58.26. 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 (NYSE:DAY - Get Free Report) last released its quarterly 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. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The business had revenue of $464.70 million for the quarter, compared to analysts' expectations of $457.83 million. During the same period in the previous year, the company earned $0.48 earnings per share. The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. On average, research analysts expect that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on DAY. Mizuho set a $70.00 target price on shares of Dayforce in a research report on Friday, August 22nd. Jefferies Financial Group boosted their target price on shares of Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Needham & Company LLC downgraded shares of Dayforce from a "buy" rating to a "hold" rating and set a $95.00 target price for the company. in a research report on Friday, August 22nd. William Blair downgraded shares of Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, UBS Group boosted their target price on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, Dayforce currently has a consensus rating of "Hold" and an average price target of $71.43.

Insider Buying and Selling

In related 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 transaction of $278,095.71. Following the transaction, the executive vice president directly owned 127,632 shares in the company, valued at approximately $7,618,354.08. The trade was a 3.52% decrease in their ownership of the stock. The transaction 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 business'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 $110,020.00. Following the transaction, the chief operating officer owned 190,811 shares in the company, valued at approximately $10,496,513.11. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,382 shares of company stock worth $539,860. 4.50% of the stock is owned by 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.