SCS Capital Management LLC Invests $1.64 Million in Dayforce, Inc. $DAY

Key Points

• SCS Capital Management LLC has invested approximately $1.64 million in Dayforce, acquiring 28,129 shares during the first quarter.
• Wall Street analysts have a consensus rating of "Hold" for Dayforce, with a current price target averaging $71.43.
• Dayforce reported a quarterly earnings per share of $0.61, exceeding estimates, and achieved revenue growth of 9.8% year-over-year.

SCS Capital Management LLC acquired a new position in shares of Dayforce, Inc. (NYSE:DAY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 28,129 shares of the company's stock, valued at approximately $1,641,000.

Several other hedge funds also recently modified their holdings of DAY. Stifel Financial Corp increased its holdings in shares of Dayforce by 4.1% during the fourth quarter. Stifel Financial Corp now owns 5,206 shares of the company's stock worth $378,000 after buying an additional 205 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Dayforce during the fourth quarter valued at approximately $223,000. Gotham Asset Management LLC bought a new stake in shares of Dayforce during the fourth quarter valued at approximately $217,000. OMERS ADMINISTRATION Corp grew its stake in shares of Dayforce by 21.6% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 6,275 shares of the company's stock valued at $456,000 after purchasing an additional 1,116 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Dayforce by 16.9% during the fourth quarter. Nuveen Asset Management LLC now owns 532,877 shares of the company's stock valued at $38,708,000 after purchasing an additional 77,155 shares during the last quarter.

Dayforce Trading Down 0.0%

Shares of NYSE DAY traded down $0.01 during midday trading on Friday, reaching $69.02. 1,302,397 shares of the stock were exchanged, compared to its average volume of 3,367,075. Dayforce, Inc. has a 12 month low of $48.01 and a 12 month high of $82.69. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day simple moving average of $61.16 and a two-hundred day simple moving average of $58.49. The company has a market capitalization of $11.02 billion, a price-to-earnings ratio of 230.06, a P/E/G ratio of 2.54 and a beta of 1.14.

Dayforce (NYSE:DAY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $457.83 million. During the same period last year, the business posted $0.48 earnings per share. The firm's quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities research analysts expect that Dayforce, Inc. will post 1.48 EPS for the current year.

Insider Buying and Selling

In other news, EVP William Everett Mcdonald sold 2,059 shares of the company's 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 $113,265.59. Following the completion of the sale, the executive vice president owned 103,684 shares of the company's stock, valued at approximately $5,703,656.84. This represents a 1.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $110,020.00. Following the sale, the chief operating officer directly owned 190,811 shares of the company's stock, valued at approximately $10,496,513.11. This trade represents a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,382 shares of company stock valued at $539,860. Company insiders own 4.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Jefferies Financial Group increased their price target on shares of Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a research note on Thursday, August 21st. UBS Group increased their price target on shares of Dayforce from $68.00 to $72.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. William Blair cut shares of Dayforce from an "outperform" rating to a "hold" rating in a research note on Wednesday, August 20th. TD Cowen cut shares of Dayforce from a "buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, Mizuho set a $70.00 price objective on shares of Dayforce in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average 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.