Stephen Holdridge, President and COO of Dayforce, Inc. (NASDAQ:NYSE:DAY), recently sold 1,000 shares of the company's common stock. The transaction, which took place on December 13, 2024, was conducted at a price of $77.29 per share, amounting to a total of $77,290. The sale comes as Dayforce, now valued at $12.2 billion, has seen its stock surge nearly 55% over the past six months. Following this sale, Holdridge retains ownership of 120,022 shares of Dayforce common stock.
The sale was executed as part of a Rule 10b5-1 trading plan, which Holdridge adopted on May 7, 2024. Such plans allow company insiders to set up a predetermined schedule for selling stocks, providing a way to avoid potential claims of insider trading.
In addition to the direct stock holdings, Holdridge also holds a number of performance units and options. These derivative securities include options to purchase 65,547 shares of common stock at an exercise price of $70.73, with an expiration date of February 28, 2030. The performance units, which are contingent on meeting specific performance metrics, represent the right to acquire additional shares of common stock in the future.
Investors may find these transactions noteworthy as they provide insight into the trading activities of company executives and their confidence in the company's future performance. For deeper insights into insider trading patterns and comprehensive financial analysis, InvestingPro offers detailed research reports covering over 1,400 US stocks, including Dayforce.
In other recent news, Dayforce has seen significant financial activity, with several firms adjusting their stock price targets based on the company's ambitious revenue goals. Scotiabank (TSX:BNS) initiated coverage with a Sector Perform rating and a price target of $75, citing Dayforce's robust global compliance payroll engine and growth strategy. Mizuho (NYSE:MFG) Securities increased their price target to $95, retaining an Outperform rating, following Dayforce's Investor Day presentation. BMO (TSX:BMO) Capital Markets also raised their price target from $80 to $90, maintaining an Outperform rating. Needham increased their price target to $95, keeping a Buy rating, while TD (TSX:TD) Cowen maintained a neutral stance with a consistent price target of $74.
Dayforce's third-quarter results revealed a 16.6% year-over-year increase in total revenue, exceeding expectations, partially fueled by $45.6 million in float revenue. The company also announced plans to repurchase up to $500 million of its common stock and changes to its corporate bylaws. Leadership changes were also announced, with Stephen H. Holdridge appointed as President and Chief Operating Officer, and Christopher R. Armstrong transitioning to the role of Executive Vice President, Chief Customer Officer.
Furthermore, Dayforce's ambitious financial goals include reaching $5 billion in revenue and $1 billion in free cash flow. The company aims to achieve these targets by acquiring new customers, leveraging cross-selling opportunities, expanding its market reach, and entering adjacent markets with innovative solutions. These recent developments provide investors with an updated view of Dayforce's operations and financial status.
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