Victory Capital Management Inc. Trims Stock Position in Dayforce Inc (NYSE:DAY)

Victory Capital Management Inc. cut its stake in Dayforce Inc (NYSE:DAY - Free Report) by 35.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,581 shares of the company's stock after selling 20,806 shares during the quarter. Victory Capital Management Inc.'s holdings in Dayforce were worth $2,363,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Select Equity Group L.P. purchased a new stake in shares of Dayforce during the 2nd quarter valued at approximately $721,310,000. EdgePoint Investment Group Inc. bought a new stake in Dayforce during the 2nd quarter worth approximately $521,396,000. Dragoneer Investment Group LLC bought a new stake in Dayforce during the 2nd quarter worth approximately $193,274,000. Dimensional Fund Advisors LP bought a new stake in Dayforce during the 2nd quarter worth approximately $51,027,000. Finally, Cannae Holdings Inc. bought a new stake in Dayforce during the 2nd quarter worth approximately $49,600,000.

Dayforce Trading Up 2.1 %

Shares of DAY traded up $1.69 during mid-day trading on Monday, reaching $81.48. The company's stock had a trading volume of 835,407 shares, compared to its average volume of 1,595,376. The stock has a market cap of $12.85 billion, a PE ratio of 241.80, a P/E/G ratio of 3.75 and a beta of 1.27. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. Dayforce Inc has a 52 week low of $47.08 and a 52 week high of $82.69. The company's fifty day moving average price is $67.31 and its two-hundred day moving average price is $58.80.

Analyst Upgrades and Downgrades

DAY has been the topic of a number of recent analyst reports. Scotiabank assumed coverage on shares of Dayforce in a research note on Monday, November 18th. They issued a "sector perform" rating and a $75.00 target price on the stock. Jefferies Financial Group lifted their target price on shares of Dayforce from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Tuesday, October 22nd. KeyCorp lifted their target price on shares of Dayforce from $80.00 to $92.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Dayforce from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Finally, Piper Sandler reiterated an "overweight" rating and set a $94.00 target price (up from $82.00) on shares of Dayforce in a research report on Wednesday, November 13th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $78.77.

Insider Buying and Selling

In related news, insider Jeffrey Scott Jacobs sold 643 shares of Dayforce stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $40,746.91. Following the transaction, the insider now directly owns 34,074 shares of the company's stock, valued at $2,159,269.38. The trade was a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction 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 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,643 shares of company stock valued at $460,877 over the last three months. 4.90% of the stock is owned by company 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.