Select Equity Group L.P. Sells 5,967,174 Shares of Dayforce, Inc. $DAY

Key Points

• Select Equity Group L.P. has significantly reduced its stake in Dayforce, Inc. by 52.3%, selling 5,967,174 shares during the first quarter, which now makes Dayforce 1.4% of its holdings.
• Dayforce reported earnings of $0.61 per share for the last quarter, exceeding analysts' expectations and showing 9.8% revenue growth year-over-year.
• Analysts have mixed ratings for Dayforce, with one issuing a Strong Buy rating, four designating it as a Buy, and eleven categorizing it as a Hold, with an average target price of $71.43.

Select Equity Group L.P. trimmed its position in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 52.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,433,566 shares of the company's stock after selling 5,967,174 shares during the quarter. Dayforce accounts for 1.4% of Select Equity Group L.P.'s investment portfolio, making the stock its 26th largest holding. Select Equity Group L.P. owned 3.40% of Dayforce worth $316,940,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. EdgePoint Investment Group Inc. increased its position in shares of Dayforce by 55.0% during the first quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company's stock valued at $808,484,000 after acquiring an additional 4,918,825 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Dayforce by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company's stock valued at $969,470,000 after purchasing an additional 1,387,943 shares during the last quarter. Invesco Ltd. lifted its stake in Dayforce by 36.0% in the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock valued at $209,033,000 after purchasing an additional 948,436 shares during the last quarter. Nuveen LLC purchased a new position in Dayforce in the first quarter valued at approximately $28,416,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Dayforce by 23.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,207,045 shares of the company's stock valued at $87,680,000 after purchasing an additional 226,353 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DAY. Wells Fargo & Company upgraded shares of 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. William Blair cut Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. KeyCorp cut Dayforce from an "overweight" rating to a "sector weight" rating in a research report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a research report on Friday, August 22nd. Finally, UBS Group lifted their price target on Dayforce from $68.00 to $72.00 and gave the company a "buy" rating in a research report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, Dayforce currently has an average rating of "Hold" and a consensus target price of $71.43.

Insider Activity at Dayforce

In related news, EVP Samer Alkharrat sold 4,659 shares of Dayforce stock in a transaction on Friday, July 25th. The shares were sold at an average price of $59.69, for a total value of $278,095.71. Following the sale, the executive vice president owned 127,632 shares in the company, valued at $7,618,354.08. The trade was a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction 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 in the company, valued at approximately $5,703,656.84. This trade represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,382 shares of company stock worth $539,860 over the last quarter. Corporate insiders own 4.50% of the company's stock.

Dayforce Trading Down 0.0%

Dayforce stock traded down $0.02 during trading hours on Friday, reaching $69.00. The stock had a trading volume of 365,003 shares, compared to its average volume of 2,077,209. The stock has a market cap of $11.02 billion, a PE ratio of 229.90, a PEG ratio of 2.54 and a beta of 1.14. Dayforce, Inc. has a 52 week low of $48.01 and a 52 week 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 company has a fifty day simple moving average of $60.93 and a 200-day simple moving average of $58.47.

Dayforce (NYSE:DAY - Get Free Report) last released its quarterly earnings results 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 analyst estimates of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.Dayforce's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 EPS. Analysts forecast that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

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.