Damn pop culture.
I thought it was a boy name before realising this is in the Girls Forum :/ It's not completely horrific, but the two 'ay' sounds don't work well together for me.
I think it sounds very, very trendy.
I read that Bailey is the most popular dog's name in North America. (no source--not sure this is accurate, but it shaped my view of the name) I got teased for having a dog's name (it's Bridget...who names a dog an Irish old lady's name?!) and it's rough. Shay sounds nice with almost everything, hence the popularity so I'd pick something less pet-like.
It's all right but the initials aren't ideal...
I think of a little boy with a great name then I think it could be a little girl with a cutesy, trendy name.