Sumitomo Mitsui DS Asset Management Company Ltd Sells 15,843 Shares of Dayforce, Inc. $DAY

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its holdings in Dayforce, Inc. by 79.5%, selling 15,843 shares and owning only 4,086 shares worth $226,000 at the end of the second quarter.
• Analysts have mixed ratings for Dayforce, with an average price target of $70.36; Jefferies upgraded its price target from $60.00 to $70.00 while Citigroup downgraded the stock from "buy" to "neutral."
• Dayforce's shares opened at $68.78 and have seen significant growth, with a 12-month low of $48.01 and a high of $82.69, amid solid quarterly earnings and a revenue increase of 9.8% year-over-year.

Sumitomo Mitsui DS Asset Management Company Ltd decreased its position in Dayforce, Inc. (NYSE:DAY - Free Report) by 79.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,086 shares of the company's stock after selling 15,843 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Dayforce were worth $226,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of DAY. Two Sigma Investments LP bought a new position in Dayforce in the fourth quarter valued at about $1,511,000. Two Sigma Advisers LP bought a new position in Dayforce in the fourth quarter valued at about $661,000. Mackenzie Financial Corp lifted its holdings in Dayforce by 557.6% in the fourth quarter. Mackenzie Financial Corp now owns 34,038 shares of the company's stock valued at $2,468,000 after acquiring an additional 28,862 shares during the period. Siemens Fonds Invest GmbH bought a new position in shares of Dayforce in the fourth quarter worth about $3,669,000. Finally, Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Dayforce in the fourth quarter worth about $3,680,000.

Wall Street Analyst Weigh In

Several research firms have recently commented on DAY. Jefferies Financial Group raised their price objective on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday, August 21st. Citigroup downgraded Dayforce from a "buy" rating to a "neutral" rating and set a $70.00 price objective on the stock. in a research note on Wednesday, September 17th. Mizuho set a $70.00 price objective on Dayforce in a research note on Friday, August 22nd. William Blair downgraded Dayforce from an "outperform" rating to a "hold" rating in a research note on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, Dayforce currently has an average rating of "Hold" and an average target price of $70.36.

Dayforce Stock Performance

NYSE:DAY opened at $68.78 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. Dayforce, Inc. has a 12-month low of $48.01 and a 12-month high of $82.69. The stock has a 50-day moving average price of $62.59 and a 200 day moving average price of $58.94. The stock has a market capitalization of $10.98 billion, a P/E ratio of 229.26, a P/E/G ratio of 2.54 and a beta of 1.14.

Dayforce (NYSE:DAY - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.09. The firm 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 firm's revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.48 earnings per share. Equities research analysts forecast that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insider Buying and Selling at Dayforce

In other Dayforce news, EVP William Everett Mcdonald sold 2,059 shares of the firm'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 $113,265.59. Following the completion of the transaction, the executive vice president owned 103,684 shares in the company, valued at $5,703,656.84. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $68.95, for a total value of $137,900.00. Following the transaction, the chief operating officer owned 186,811 shares of the company's stock, valued at $12,880,618.45. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,382 shares of company stock worth $677,760 in the last quarter. 4.50% of the stock is owned by corporate insiders.

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.

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