Dayforce (NYSE:DAY) Coverage Initiated at Scotiabank

Analysts at Scotiabank initiated coverage on shares of Dayforce (NYSE:DAY) in a research note issued on Monday,Benzinga reports. The brokerage set a “sector perform” rating and a $75.00 price target on the stock. Scotiabank’s target price would indicate a potential upside of 0.40% from the company’s previous close.

DAY has been the subject of several other research reports. Piper Sandler reissued an “overweight” rating and set a $94.00 price objective (up previously from $82.00) on shares of Dayforce in a research report on Wednesday, November 13th. Mizuho increased their price target on shares of Dayforce from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Jefferies Financial Group lifted their price objective on Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Needham & Company LLC increased their price target on Dayforce from $82.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, TD Cowen raised their price objective on shares of Dayforce from $58.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, October 7th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Dayforce presently has an average rating of “Moderate Buy” and a consensus price target of $78.77.

Dayforce Stock Up 0.2 %

DAY traded up $0.14 on Monday, reaching $74.70. 1,154,270 shares of the company traded hands, compared to its average volume of 1,608,269. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. The company has a market cap of $11.78 billion, a price-to-earnings ratio of 226.37, a PEG ratio of 3.50 and a beta of 1.27. The stock’s 50 day moving average price is $65.44 and its 200-day moving average price is $58.15. Dayforce has a 52-week low of $47.08 and a 52-week high of $81.32.

Insider Activity at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $63,370.00. Following the completion of the transaction, the chief operating officer now directly owns 101,437 shares of the company’s stock, valued at approximately $6,428,062.69. This trade represents a 0.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $40,746.91. Following the sale, the insider now owns 34,074 shares in the company, valued at approximately $2,159,269.38. This represents a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,643 shares of company stock valued at $384,617. 4.90% of the stock is owned by insiders.

Institutional Trading of Dayforce

A number of hedge funds have recently bought and sold shares of DAY. Select Equity Group L.P. bought a new position in shares of Dayforce in the second quarter worth approximately $721,310,000. EdgePoint Investment Group Inc. increased its stake in shares of Dayforce by 1.1% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock worth $650,726,000 after acquiring an additional 112,086 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Dayforce by 1.9% during the third quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock valued at $347,236,000 after purchasing an additional 103,794 shares during the last quarter. Dragoneer Investment Group LLC purchased a new stake in shares of Dayforce in the second quarter worth $193,274,000. Finally, Geode Capital Management LLC increased its stake in Dayforce by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock valued at $230,875,000 after purchasing an additional 30,302 shares in the last quarter.

Dayforce Company Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.