Piper Sandler Reaffirms “Overweight” Rating for Dayforce (NYSE:DAY)

Dayforce (NYSE:DAY)‘s stock had its “overweight” rating reiterated by equities research analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They currently have a $83.00 target price on the stock, down from their previous target price of $94.00. Piper Sandler’s price objective would suggest a potential upside of 23.47% from the company’s current price.

DAY has been the topic of several other research reports. Jefferies Financial Group boosted their target price on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Barclays decreased their price objective on shares of Dayforce from $84.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Friday, January 10th. Scotiabank initiated coverage on shares of Dayforce in a research note on Monday, November 18th. They issued a “sector perform” rating and a $75.00 target price for the company. BMO Capital Markets boosted their target price on Dayforce from $80.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Needham & Company LLC raised their price target on Dayforce from $82.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Dayforce currently has an average rating of “Moderate Buy” and a consensus target price of $79.29.

Dayforce Stock Down 6.3 %

Dayforce stock traded down $4.52 during trading hours on Wednesday, hitting $67.23. The company had a trading volume of 3,142,526 shares, compared to its average volume of 1,578,634. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $82.69. 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 firm has a market capitalization of $10.60 billion, a P/E ratio of 203.69, a price-to-earnings-growth ratio of 2.59 and a beta of 1.26. The firm’s fifty day moving average is $73.91 and its 200-day moving average is $66.39.

Dayforce (NYSE:DAY) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.09). Dayforce had a net margin of 3.12% and a return on equity of 6.69%. On average, research analysts forecast that Dayforce will post 1.07 earnings per share for the current year.

Insider Activity at Dayforce

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $76.26, for a total value of $76,260.00. Following the transaction, the chief operating officer now directly owns 121,022 shares in the company, valued at $9,229,137.72. The trade was a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the completion of the sale, the chief executive officer now owns 794,527 shares of the company’s stock, valued at approximately $63,204,622.85. The trade was a 51.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 860,697 shares of company stock valued at $68,456,936. Insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

Several large investors have recently made changes to their positions in the company. QRG Capital Management Inc. acquired a new position in Dayforce during the 4th quarter worth approximately $227,000. Proficio Capital Partners LLC bought a new stake in shares of Dayforce during the fourth quarter worth $1,314,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Dayforce by 4.4% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 33,254 shares of the company’s stock worth $2,416,000 after buying an additional 1,400 shares in the last quarter. ING Groep NV lifted its stake in shares of Dayforce by 307.4% in the 4th quarter. ING Groep NV now owns 20,142 shares of the company’s stock valued at $1,463,000 after acquiring an additional 15,198 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Dayforce by 4.3% during the 4th quarter. CIBC Asset Management Inc now owns 24,406 shares of the company’s stock valued at $1,773,000 after acquiring an additional 995 shares in 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.