Plato Investment Management Ltd Trims Holdings in Dayforce, Inc. $DAY

Key Points

• Plato Investment Management Ltd reduced its holdings in Dayforce, Inc. by 60.6% in the first quarter, leaving it with 3,865 shares valued at $228,000.
• Dayforce's stock is currently priced at $69.09, with a market capitalization of $11.03 billion, showing a 9.8% revenue growth compared to the same quarter last year.
• Several analysts have recently adjusted their ratings on Dayforce, with Wells Fargo raising the target price to $70.00 while maintaining an "equal weight" rating.

Plato Investment Management Ltd trimmed its position in Dayforce, Inc. (NYSE:DAY - Free Report) by 60.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,865 shares of the company's stock after selling 5,936 shares during the quarter. Plato Investment Management Ltd's holdings in Dayforce were worth $228,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of DAY. SVB Wealth LLC purchased a new position in shares of Dayforce in the first quarter worth about $30,000. National Pension Service grew its holdings in Dayforce by 74.5% during the first quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after acquiring an additional 231 shares during the period. Mather Group LLC. grew its holdings in Dayforce by 196.9% during the first quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after acquiring an additional 638 shares during the period. Covestor Ltd grew its holdings in Dayforce by 15.6% during the first quarter. Covestor Ltd now owns 1,430 shares of the company's stock worth $83,000 after acquiring an additional 193 shares during the period. Finally, Groupe la Francaise acquired a new stake in Dayforce during the first quarter worth about $143,000.

Dayforce Stock Up 0.3%

Dayforce stock opened at $69.09 on Friday. The stock has a market capitalization of $11.03 billion, a PE ratio of 230.29, a price-to-earnings-growth ratio of 2.54 and a beta of 1.14. Dayforce, Inc. has a 12 month low of $48.01 and a 12 month high of $82.69. The business has a 50 day simple moving average of $60.93 and a 200-day simple moving average of $58.47. 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 (NYSE:DAY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. The business had revenue of $464.70 million during the quarter, compared to analysts' expectations of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The business's revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 earnings per share. On average, analysts anticipate that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on DAY. Wells Fargo & Company raised Dayforce from a "strong sell" rating to an "equal weight" rating and raised their target price for the stock from $50.00 to $70.00 in a report on Friday, August 22nd. Mizuho set a $70.00 target price on Dayforce in a report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft raised their target price on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a report on Friday, August 22nd. William Blair lowered Dayforce from an "outperform" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Needham & Company LLC lowered Dayforce from a "buy" rating to a "hold" rating and set a $95.00 target price on the stock. in a report on Friday, August 22nd. One investment 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 stock. Based on data from MarketBeat.com, Dayforce has an average rating of "Hold" and an average price target of $71.43.

Insider Transactions at Dayforce

In other news, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $113,265.59. Following the sale, the executive vice president directly owned 103,684 shares of the company's stock, valued at $5,703,656.84. The trade was a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $110,020.00. Following the completion of the sale, the chief operating officer directly owned 190,811 shares in the company, 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 have sold 9,382 shares of company stock valued at $539,860 over the last ninety days. Insiders own 4.50% of the company's stock.

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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