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Is It Too Late to Buy Ceridian HCM Holding (CDAY) Stock?

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·3 min read
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Baron Asset Fund recently published its first-quarter commentary – a copy of which can be downloaded here. During the first quarter of 2021, the Baron Asset Fund returned -1.03% (institutional shares). In comparison, the benchmark S&P 500 Index was up 6.17%, while the Russell Midcap Growth Index was down 0.57%. You should check out Baron Asset Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.

In the Q1 2021 Investor Letter, the fund highlighted a few stocks and Ceridian HCM Holding Inc. (NYSE:CDAY) is one of them. Ceridian HCM Holding Inc. (NYSE:CDAY) is a software company. In the last three months, Ceridian HCM Holding Inc. (NYSE:CDAY) stock lost 1.7% and on April 26th it had a closing price of $94.63. Here is what the fund said:

"Ceridian HCM Holding Inc., a leader in payroll and workforce management software, detracted on concerns that increased pandemic-related mobility restrictions may slow the rate of employment recovery in its customer base. We expect its cloud-based Dayforce product to generate rapid revenue growth, leading to meaningful margin expansion, improved free cash flow conversion, and rapid deleveraging of its balance sheet. We are also excited about the potential for Dayforce Wallet, which will allow employees access to earned wages on a real-time basis rather than the traditional two-week pay cycle."

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In Q4 2020, the number of bullish hedge fund positions on Ceridian HCM Holding Inc. (NYSE:CDAY) stock decreased by about 28% from the previous quarter (see the chart here), so a number of other hedge fund managers don't believe in CDAY's growth potential. Our calculations showed that Ceridian HCM Holding Inc. (NYSE:CDAY) isn't ranked among the 30 most popular stocks among hedge funds.

The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds' poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.

At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended this real estate stock to our monthly premium newsletter subscribers. We go through lists like the 15 best innovative stocks to buy to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website:

Disclosure: None. This article is originally published at Insider Monkey.