Sumitomo Mitsui Trust Group Inc. Decreases Stake in Dayforce, Inc. $DAY

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Dayforce, Inc. (NYSE:DAY) by 97.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,126 shares of the company’s stock after selling 278,000 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Dayforce were worth $450,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of DAY. SVB Wealth LLC purchased a new stake in shares of Dayforce during the 1st quarter worth about $30,000. 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 in the last quarter. Mather Group LLC. lifted its position in Dayforce by 196.9% during the 1st quarter. Mather Group LLC. now owns 962 shares of the company’s stock worth $56,000 after acquiring an additional 638 shares in the last quarter. Covestor Ltd grew 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 acquiring an additional 193 shares in the last quarter. Finally, Groupe la Francaise acquired a new stake in Dayforce in the first quarter valued at approximately $143,000.

Analysts Set New Price Targets

DAY has been the subject of several recent research reports. KeyCorp downgraded shares of Dayforce from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 22nd. TD Cowen downgraded shares of Dayforce from a “buy” rating to a “hold” rating in a research report on Thursday, August 21st. Citigroup lowered Dayforce from a “buy” rating to a “neutral” rating and set a $70.00 target price on the stock. in a research report on Wednesday, September 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dayforce in a research report on Thursday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $70.00 target price (up from $67.00) on shares of Dayforce in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, Dayforce currently has a consensus rating of “Hold” and a consensus price target of $70.36.

Insider Activity at Dayforce

In related news, EVP Samer Alkharrat sold 3,233 shares of Dayforce stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $68.55, for a total transaction of $221,622.15. Following the sale, the executive vice president directly owned 117,934 shares in the company, valued at $8,084,375.70. The trade was a 2.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $68.25, for a total transaction of $136,500.00. Following the sale, the chief operating officer owned 184,811 shares in the company, valued at approximately $12,613,350.75. This represents a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 24,474 shares of company stock valued at $1,676,470 in the last ninety days. Company insiders own 4.50% of the company’s stock.

Dayforce Price Performance

Shares of NYSE DAY opened at $68.74 on Friday. Dayforce, Inc. has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. The firm’s 50-day simple moving average is $68.87 and its 200 day simple moving average is $61.47. 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 stock has a market cap of $11.00 billion, a P/E ratio of -73.12, a P/E/G ratio of 2.52 and a beta of 1.17.

Dayforce (NYSE:DAY) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.19). Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. The company had revenue of $481.60 million for the quarter, compared to the consensus estimate of $481.22 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. Dayforce’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts expect that Dayforce, Inc. will post 1.48 EPS for the current year.

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.