State of New Jersey Common Pension Fund D Sells 4,085 Shares of Dayforce, Inc. $DAY

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Dayforce, Inc. by 7.3%, now owning 52,209 shares valued at approximately $3.045 million.
• Dayforce's stock has shown a 3.1% increase and its market capitalization stands at $10.78 billion, with analysts projecting earnings per share of 1.48 for the current year.
• Multiple analysts have rated Dayforce stock positively, with a consensus target price of $70.93 and recommendations ranging from Strong Buy to Hold.

State of New Jersey Common Pension Fund D decreased its position in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 7.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,209 shares of the company's stock after selling 4,085 shares during the period. State of New Jersey Common Pension Fund D's holdings in Dayforce were worth $3,045,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. National Pension Service lifted its position in Dayforce by 74.5% during the 1st quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after acquiring an additional 231 shares during the last quarter. Mather Group LLC. grew its stake 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 buying an additional 638 shares during the last quarter. Covestor Ltd grew its stake 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 buying an additional 193 shares during the last quarter. Mufg Securities Americas Inc. bought a new stake in Dayforce during the fourth quarter worth about $169,000. Finally, CX Institutional bought a new stake in Dayforce during the first quarter worth about $190,000.

Insiders Place Their Bets

In other Dayforce news, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction on Tuesday, July 15th. The shares were 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 in the company, valued at approximately $5,703,656.84. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction 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 completion of the sale, 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 three months, insiders have sold 9,382 shares of company stock worth $539,860. Company insiders own 4.50% of the company's stock.

Dayforce Trading Up 0.3%

DAY stock traded up $0.1750 during midday trading on Friday, reaching $69.1750. The company's stock had a trading volume of 5,247,516 shares, compared to its average volume of 3,347,733. Dayforce, Inc. has a 52 week low of $48.01 and a 52 week high of $82.69. The stock has a market cap of $11.05 billion, a PE ratio of 230.59, a price-to-earnings-growth ratio of 2.60 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The business's 50-day simple moving average is $57.28 and its 200-day simple moving average is $58.09.

Dayforce (NYSE:DAY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. The firm had revenue of $464.70 million for the quarter, compared to analysts' expectations of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The business's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.48 earnings per share. As a group, sell-side analysts expect that Dayforce, Inc. will post 1.48 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. UBS Group upped their price objective on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. TD Cowen cut shares of Dayforce from a "buy" rating to a "hold" rating in a research note on Thursday. Needham & Company LLC cut shares of Dayforce from a "buy" rating to a "hold" rating and set a $95.00 price target on the stock. in a research note on Friday. Deutsche Bank Aktiengesellschaft 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 Friday. Finally, KeyCorp cut shares of Dayforce from an "overweight" rating to a "hold" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Dayforce currently has a consensus rating of "Hold" and a consensus target price of $72.14.

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.