Fernwood Investment Management LLC Takes Position in Dayforce Inc (NYSE:DAY)

Fernwood Investment Management LLC purchased a new position in shares of Dayforce Inc (NYSE:DAY) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 23,640 shares of the company’s stock, valued at approximately $1,448,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Select Equity Group L.P. bought a new stake in shares of Dayforce during the second quarter valued at approximately $721,310,000. Elo Mutual Pension Insurance Co bought a new stake in Dayforce during the 2nd quarter valued at $673,000. State of New Jersey Common Pension Fund D acquired a new position in Dayforce during the second quarter worth $2,760,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Dayforce in the second quarter valued at $663,000. Finally, Royal London Asset Management Ltd. acquired a new position in shares of Dayforce during the second quarter valued at about $2,942,000.

Insider Buying and Selling at Dayforce

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $63,370.00. Following the sale, the chief operating officer now directly owns 101,437 shares of the company’s stock, valued at $6,428,062.69. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $63,370.00. Following the completion of the transaction, the chief operating officer now directly owns 101,437 shares in the company, valued at approximately $6,428,062.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total value of $138,500.00. Following the sale, the chief operating officer now owns 98,437 shares in the company, valued at approximately $6,816,762.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,643 shares of company stock valued at $307,617. Company insiders own 4.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DAY. Jefferies Financial Group upped their target price on shares of Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised their target price on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Piper Sandler upped their price target on Dayforce from $71.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday. Needham & Company LLC restated a “buy” rating and set a $82.00 price objective on shares of Dayforce in a research note on Thursday. Finally, Barclays upped their target price on shares of Dayforce from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Dayforce has an average rating of “Moderate Buy” and an average price target of $72.67.

Dayforce Stock Performance

DAY stock traded up $4.28 during mid-day trading on Friday, hitting $75.23. The company had a trading volume of 2,843,422 shares, compared to its average volume of 1,592,277. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 1.15. The firm has a market cap of $11.86 billion, a PE ratio of 227.97, a price-to-earnings-growth ratio of 2.52 and a beta of 1.27. Dayforce Inc has a 12 month low of $47.08 and a 12 month high of $75.41. The stock’s fifty day moving average price is $61.11 and its two-hundred day moving average price is $56.90.

Dayforce (NYSE:DAY) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. Dayforce had a net margin of 3.12% and a return on equity of 6.69%. The company had revenue of $423.30 million during the quarter, compared to analyst estimates of $417.41 million. On average, analysts forecast that Dayforce Inc will post 1.07 earnings per share for the current fiscal year.

Dayforce Company 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.