Ceridian HCM Holding Shares Surge 10 percent Following Q2 Beat

Ceridian HCM Holding Inc. (NYSE:CDAY) shares rose more than 10% on Wednesday following the company’s reported Q2 results, with EPS of $0.21 coming in better than the Street estimate of $0.10. Revenue was $301.2 million, compared to the Street estimate of $294.53 million.
The company provided its full 2022-year guidance, expecting revenue to be in the range of $1.218-1.233 billion.
According to the analysts at Deutsche Bank, Dayforce recurring revenue accelerated to approximately 29% on an organic constant current basis, and management noted no change in the demand environment from a sales cycle perspective, nor degradation in employment levels with its client base.
Continued progress upmarket, with multiple wins with hundred-thousand-plus employee organizations, highlights maturating product functionality, but more importantly, it also underscores improved sales execution, which should help drive sustainable growth going forward. The analysts lowered their price target to $80 from $85, while reiterating their buy rating.

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