Principal Financial Group Inc. Takes Position in Dayforce Inc (NYSE:DAY)

Principal Financial Group Inc. purchased a new stake in Dayforce Inc (NYSE:DAY) during the 3rd quarter, HoldingsChannel reports. The fund purchased 181,802 shares of the company’s stock, valued at approximately $11,135,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Select Equity Group L.P. bought a new position in Dayforce during the 2nd quarter valued at about $721,310,000. EdgePoint Investment Group Inc. lifted its position in shares of Dayforce by 1.1% during the third quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock worth $650,726,000 after purchasing an additional 112,086 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Dayforce by 1.9% in the third quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock valued at $347,236,000 after purchasing an additional 103,794 shares in the last quarter. Dragoneer Investment Group LLC bought a new position in Dayforce in the 2nd quarter worth approximately $193,274,000. Finally, Geode Capital Management LLC boosted its position in Dayforce by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock valued at $230,875,000 after buying an additional 30,302 shares during the last quarter.

Insider Activity

In other Dayforce news, CEO David D. Ossip sold 858,697 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total value of $68,309,346.35. Following the transaction, the chief executive officer now directly owns 794,527 shares of the company’s stock, valued at $63,204,622.85. This represents a 51.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $76.26, for a total value of $76,260.00. Following the sale, the chief operating officer now owns 121,022 shares of the company’s stock, valued at approximately $9,229,137.72. This represents a 0.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 865,340 shares of company stock valued at $68,770,223 in the last quarter. Company insiders own 4.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Citigroup boosted their price objective on Dayforce from $75.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barclays raised their target price on Dayforce from $80.00 to $84.00 and gave the stock an “equal weight” rating in a report on Friday, December 6th. Stifel Nicolaus increased their price target on shares of Dayforce from $82.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. KeyCorp upped their target price on shares of Dayforce from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Scotiabank started coverage on shares of Dayforce in a research report on Monday, November 18th. They issued a “sector perform” rating and a $75.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.86.

Dayforce Stock Down 0.6 %

NYSE:DAY opened at $73.72 on Monday. The firm has a market capitalization of $11.63 billion, a price-to-earnings ratio of 223.40, a price-to-earnings-growth ratio of 3.68 and a beta of 1.26. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.47. Dayforce Inc has a twelve month low of $47.08 and a twelve month high of $82.69. The stock’s 50 day moving average price is $75.49 and its two-hundred day moving average price is $62.55.

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.