Stephen H. Holdridge, President and Chief Operating Officer of Dayforce, Inc. (NASDAQ:DAY), recently reported the sale of 1,000 shares of the company's common stock. The transaction, which took place on October 18, was executed at a price of $65 per share, amounting to a total value of $65,000. This sale was conducted under a pre-established Rule 10b5-1 trading plan. Following the transaction, Holdridge holds 100,437 shares of Dayforce, Inc.
In other recent news, Dayforce reported robust second-quarter results, which led to reassessments from various financial firms. BMO Capital Markets and Citi raised their price targets to $70.00 and $74.00 respectively, while TD Cowen held its rating but increased the price target to $62.00. These adjustments reflect anticipated growth, updated federal funds rate expectations, and foreign exchange considerations.
In leadership changes, Stephen H. Holdridge was appointed as President and Chief Operating Officer, with Christopher R. Armstrong transitioning to the role of Executive Vice President, Chief Customer Officer. Furthermore, Dayforce announced a plan to repurchase up to $500 million of its common stock, signaling strong financial performance.
KeyBanc initiated coverage on Dayforce, setting an Overweight rating with a $70.00 price target, based on the company's potential to gain market share in the human capital management solutions sector. However, Piper Sandler maintained a Neutral rating with a $68.00 price target. These recent developments provide insights into Dayforce's future performance as investors eagerly await the company's upcoming third-quarter earnings report.
InvestingPro Insights
As Stephen H. Holdridge reduces his stake in Dayforce, Inc. (NASDAQ:DAY), investors might be curious about the company's current financial standing and market position. According to InvestingPro data, Dayforce boasts a market capitalization of $10.29 billion, reflecting its significant presence in the industry.
The company's financial performance shows promise, with revenue growth of 17.56% over the last twelve months, reaching $1.63 billion. This growth is complemented by an impressive gross profit margin of 48.82%, indicating strong pricing power and efficient cost management. An InvestingPro Tip highlights that Dayforce's net income is expected to grow this year, which could be a positive signal for potential investors.
Despite the recent insider sale, Dayforce's stock has shown resilience, with a 20.63% price return over the past three months. This performance aligns with another InvestingPro Tip suggesting a strong return over the last quarter. However, investors should note that the stock's RSI indicates it may be in overbought territory, which could warrant caution in the short term.
For those considering a deeper dive into Dayforce's prospects, InvestingPro offers 14 additional tips, providing a more comprehensive analysis of the company's financial health and market position.
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