AREX Capital Management LP Makes New $249,000 Investment in Dayforce Inc (NYSE:DAY)

AREX Capital Management LP purchased a new position in shares of Dayforce Inc (NYSE:DAY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,030 shares of the company’s stock, valued at approximately $249,000. Dayforce comprises approximately 0.3% of AREX Capital Management LP’s investment portfolio, making the stock its 13th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in the company. Candriam S.C.A. bought a new stake in shares of Dayforce in the 2nd quarter valued at about $6,027,000. New Mexico Educational Retirement Board bought a new stake in shares of Dayforce in the 2nd quarter valued at about $392,000. Acadian Asset Management LLC bought a new stake in shares of Dayforce in the 2nd quarter valued at about $287,000. Prudential PLC bought a new stake in shares of Dayforce in the 2nd quarter valued at about $490,000. Finally, Texas Permanent School Fund Corp bought a new stake in shares of Dayforce in the 2nd quarter valued at about $1,281,000.

Dayforce Stock Down 1.2 %

DAY stock opened at $58.91 on Monday. Dayforce Inc has a fifty-two week low of $47.08 and a fifty-two week high of $75.33. The business’s 50 day moving average price is $55.46 and its two-hundred day moving average price is $57.25. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $9.30 billion, a price-to-earnings ratio of 178.52, a price-to-earnings-growth ratio of 2.07 and a beta of 1.29.

Dayforce (NYSE:DAY) last posted its earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Dayforce had a return on equity of 6.35% and a net margin of 2.89%. The firm had revenue of $423.30 million for the quarter, compared to the consensus estimate of $417.41 million. As a group, analysts forecast that Dayforce Inc will post 1.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DAY shares. BMO Capital Markets reissued an “outperform” rating and issued a $75.00 target price on shares of Dayforce in a research note on Tuesday, June 11th. Deutsche Bank Aktiengesellschaft boosted their price target on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Piper Sandler upgraded Dayforce from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $68.00 to $71.00 in a report on Wednesday, July 31st. TD Cowen reduced their price target on Dayforce from $63.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Citigroup reduced their price target on Dayforce from $72.00 to $66.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.40.

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.