Do You Think Ceridian HCM Holding (CDAY) is Reasonably Valued?
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned 3.23%, Advisor Class fund APDSX posted a return of 3.27%, and Institutional Class fund APHSX returned 3.27%, compared to a return of 0.24% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Artisan Partners discussed stocks like Ceridian HCM Holding Inc. (NYSE:CDAY). Headquartered in Minneapolis, Minnesota, Ceridian HCM Holding Inc. (NYSE:CDAY) is a human capital management software company. On November 11, 2022, Ceridian HCM Holding Inc. (NYSE:CDAY) stock closed at $65.30 per share. One-month return of Ceridian HCM Holding Inc. (NYSE:CDAY) was 16.57% and its shares lost 45.31% of their value over the last 52 weeks. Ceridian HCM Holding Inc. (NYSE:CDAY) has a market capitalization of $10.03 billion.
Artisan Partners made the following comment about Ceridian HCM Holding Inc. (NYSE:CDAY) in its Q3 2022 investor letter:
"Ceridian HCM Holding Inc. (NYSE:CDAY) is a cloud-based provider of payroll and human capital management (HCM) software. The company recently won several large enterprise customers (UPS and Amazon-UK, among others), which we believe validates its improved Dayforce HCM platform. To put it into perspective, prior to the most recent quarter, the company’s largest payroll customer was 100,000 employees. The Q2 2022 deal signings included enterprises with as many as 700,000 employees, and deals above $1 million in the quarter were up 50% year-over-year (with a full pipeline of additional large deals). We believe the company’s product investments over the past several years and changes to its sales organization are starting to pay off through the form of deal wins and margin leverage. These positive data points and a reasonable valuation prompted us to initiate a GardenSM position."
Rawpixel.com/Shutterstock.com
Ceridian HCM Holding Inc. (NYSE:CDAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Ceridian HCM Holding Inc. (NYSE:CDAY) at the end of the second quarter which was 24 in the previous quarter.
We discussed Ceridian HCM Holding Inc. (NYSE:CDAY) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
