Russell Investments Group Ltd. Boosts Stake in Dayforce, Inc. $DAY

Key Points

• Russell Investments Group Ltd. increased its holdings in Dayforce, Inc. by 33.3% in Q1, now owning 43,155 shares valued at approximately $2.5 million.
• Multiple institutional investors have adjusted their positions, with Mather Group raising its holdings by 196.9%, and Covestor Ltd increasing by 15.6%.
• Analysts have mixed views on Dayforce, with Citigroup raising the price target to $70 while William Blair downgrades to a "hold," leading to a consensus rating of "Hold" with a price target of $72.14.

Russell Investments Group Ltd. raised its holdings in Dayforce, Inc. (NYSE:DAY - Free Report) by 33.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,155 shares of the company's stock after purchasing an additional 10,791 shares during the quarter. Russell Investments Group Ltd.'s holdings in Dayforce were worth $2,517,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DAY. Mather Group LLC. raised its position 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 during the period. Covestor Ltd raised its position 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 during the period. Mufg Securities Americas Inc. purchased a new stake in Dayforce in the fourth quarter valued at $169,000. CX Institutional purchased a new stake in Dayforce in the first quarter valued at $190,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Dayforce by 38.6% in the first 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 in the last quarter.

Insiders Place Their Bets

In other Dayforce news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce 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 completion of the sale, the chief operating officer directly owned 190,811 shares of the company's stock, valued at $10,496,513.11. The trade was a 1.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction dated 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. This trade represents a 1.95% 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 in the last ninety days. Insiders own 4.50% of the company's stock.

Dayforce Stock Up 0.3%

DAY traded up $0.24 on Thursday, hitting $69.79. 2,971,592 shares of the company were exchanged, compared to its average volume of 2,097,316. Dayforce, Inc. has a twelve month low of $48.01 and a twelve month high of $82.69. The company 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 current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $58.02 and a two-hundred day moving average price of $58.23.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DAY shares. Barclays lifted their price objective on Dayforce from $61.00 to $70.00 and gave the company an "equal weight" rating in a research note on Friday, August 22nd. BMO Capital Markets reaffirmed a "market perform" rating and issued a $70.00 price objective (up from $67.00) on shares of Dayforce in a research note on Friday, August 22nd. Wells Fargo & Company raised Dayforce from a "strong sell" rating to an "equal weight" rating and lifted their price objective for the company from $50.00 to $70.00 in a research note on Friday, August 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a research note on Friday, August 22nd. Finally, TD Cowen cut Dayforce from a "buy" rating to a "hold" rating in a research note on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Dayforce has a consensus rating of "Hold" and a consensus target price of $71.43.

About Dayforce

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.