Dayforce (NYSE:DAY) Hits New 12-Month High – Should You Buy?

Dayforce Inc (NYSE:DAY) hit a new 52-week high during trading on Monday . The company traded as high as $81.50 and last traded at $81.05, with a volume of 13648 shares traded. The stock had previously closed at $79.79.

Analyst Ratings Changes

A number of analysts recently issued reports on DAY shares. Scotiabank started coverage on shares of Dayforce in a report on Monday, November 18th. They set a “sector perform” rating and a $75.00 price target on the stock. Jefferies Financial Group increased their target price on shares of Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. TD Cowen lifted their price target on Dayforce from $58.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their price target on Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets boosted their price objective on Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.77.

Dayforce Stock Down 2.6 %

The company has a market cap of $12.57 billion, a PE ratio of 241.52, a price-to-earnings-growth ratio of 3.75 and a beta of 1.27. The business has a fifty day simple moving average of $68.17 and a two-hundred day simple moving average of $59.10. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47.

Insider Transactions at Dayforce

In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $40,746.91. Following the completion of the sale, the insider now directly owns 34,074 shares in the company, valued at $2,159,269.38. This represents a 1.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction on Friday, November 15th. The stock was sold at an average price of $76.26, for a total value of $76,260.00. Following the transaction, the chief operating officer now owns 121,022 shares in the company, valued at approximately $9,229,137.72. This represents a 0.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,643 shares of company stock valued at $460,877. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Dayforce

A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in Dayforce by 85.6% in the 3rd quarter. Tidal Investments LLC now owns 28,359 shares of the company’s stock valued at $1,737,000 after purchasing an additional 13,078 shares during the last quarter. Toronto Dominion Bank lifted its holdings in Dayforce by 17.7% in the third quarter. Toronto Dominion Bank now owns 53,305 shares of the company’s stock valued at $3,265,000 after acquiring an additional 8,035 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Dayforce by 0.8% in the third quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock valued at $230,875,000 after acquiring an additional 30,302 shares during the last quarter. M&T Bank Corp purchased a new position in Dayforce in the third quarter worth approximately $505,000. Finally, Nomura Asset Management Co. Ltd. increased its stake in Dayforce by 16.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 43,430 shares of the company’s stock worth $2,660,000 after acquiring an additional 6,022 shares during the last quarter.

About Dayforce

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.