Principal Financial Group Inc. Acquires Shares of 181,802 Dayforce Inc (NYSE:DAY)

Principal Financial Group Inc. bought a new stake in shares of Dayforce Inc (NYSE:DAY) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 181,802 shares of the company’s stock, valued at approximately $11,135,000. Principal Financial Group Inc. owned about 0.12% of Dayforce at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in DAY. Bleakley Financial Group LLC raised its holdings in shares of Dayforce by 9.9% during the third quarter. Bleakley Financial Group LLC now owns 4,867 shares of the company’s stock worth $298,000 after purchasing an additional 439 shares during the period. Quent Capital LLC acquired a new stake in shares of Dayforce during the 3rd quarter worth approximately $28,000. Financial Perspectives Inc bought a new stake in shares of Dayforce in the 2nd quarter worth approximately $28,000. HighTower Advisors LLC boosted its position in Dayforce by 11.0% during the 3rd quarter. HighTower Advisors LLC now owns 6,083 shares of the company’s stock valued at $368,000 after purchasing an additional 602 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its stake in Dayforce by 1.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 56,294 shares of the company’s stock worth $3,448,000 after buying an additional 640 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Needham & Company LLC boosted their price target on shares of Dayforce from $82.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Mizuho upped their price objective on Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Piper Sandler reissued an “overweight” rating and issued a $94.00 price target (up from $82.00) on shares of Dayforce in a report on Wednesday, November 13th. Stifel Nicolaus lifted their price objective on shares of Dayforce from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Jefferies Financial Group increased their target price on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $79.86.

Dayforce Stock Performance

Shares of DAY opened at $73.72 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. Dayforce Inc has a one year low of $47.08 and a one year high of $82.69. The company’s fifty day moving average price is $75.49 and its 200 day moving average price is $62.55. The company has a market capitalization of $11.63 billion, a PE ratio of 223.40, a price-to-earnings-growth ratio of 3.68 and a beta of 1.26.

Insider Transactions at Dayforce

In related news, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the sale, the chief executive officer now directly owns 794,527 shares of the company’s stock, valued at $63,204,622.85. This trade represents a 51.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Scott Jacobs sold 643 shares of Dayforce stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $40,746.91. Following the sale, the insider now directly owns 34,074 shares in the company, valued at $2,159,269.38. The trade was a 1.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 865,340 shares of company stock worth $68,770,223. Company insiders own 4.90% of the company’s stock.

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.